The Turkish Competition Authority has approved the sale of popular e-commerce platform Hepsiburada for $1.127 billion to Kazakh fintech holding Kaspi.kz, which made the company the controlling shareholder, the Dünya economy newspaper reported.
Kaspi.kz announced in a press release last month the purchase of 65.41 percent of Hepsiburada for $1.127 billion after signing an agreement with Hanzade Doğan, the founder and former controlling shareholder of D-Market Electronic Services & Trading (Hepsiburada), and other owners from the Doğan family, one of the wealthiest in Turkey and who once owned a media company.
The aggregate consideration for the transaction is approximately $1.127 billion, payable in cash in two tranches: $600 million at closing and $526.9 million no later than six months post-closing, the company said in its press release.
Hepsiburada, founded in 2000 by Hanzade Doğan, is a leading e-commerce technology platform in Turkey, connecting over 66 million members with more than 264 million stock keeping units across over 30 product categories. Hepsiburada provides goods and services through its hybrid model combining first-party direct sales and a third-party marketplace with approximately 101,000 merchants.
To finance the investment, Kaspi.kz intends to use its own cash from operations and cash at hand.
“Expanding our addressable market to 100 million people has been an important strategic priority for Kaspi.kz. Going forward following the closing of the transaction both companies will maintain distinct brands and operating structures. We are aiming to leverage the combined knowledge and technology that the Kaspi.kz and Hepsiburada teams bring, as we plan to jointly continue advancing e-commerce and digital services in Turkey and Kazakhstan,” said Mikheil Lomtadze, CEO and co-founder of Kaspi.kz.
The transaction is expected to close in the first quarter 2025.