Kazakh Firm Acquires Majority Stake in Turkey’s E-commerce Leader Hepsiburada
ISTANBUL: Kazakhstan’s e-commerce group Kaspi.kz has become the largest shareholder in Turkey’s renowned e-commerce platform, Hepsiburada, through the acquisition of a substantial majority of its shares, as detailed in a corporate announcement released Friday.
According to Anadolu Agency, Kaspi.kz, Hepsiburada founder and CEO Hanzade Dogan Boyner, and other shareholders have signed a definitive agreement, enabling the Kazakh firm to acquire 65.41% of the total outstanding Class A and B shares of the Turkish company. The acquisition deal, valued at approximately $1.1 million, is structured for payment in two installments, pending regulatory approvals in Turkey, which are anticipated to conclude by the first quarter of the next year.
Kaspi.kz has indicated that the transaction will be financed through its operating revenues and assets, with the possibility of exploring financing opportunities subject to market conditions. This development follows a recent upgrade of Kaspi.kz’s credit rating to investment grad
e BBB minus by Fitch.
Mikheil Lomtadze, CEO and co-founder of Kaspi.kz, emphasized the positive financial standing of Hepsiburada, noting its EBITDA profitability. He credited this success to the existing shareholders and management’s focus on sustainable, profitable growth. Lomtadze highlighted the strategic alignment between the two companies in enhancing consumer and business partner services and expressed enthusiasm about expanding their market reach to 100 million people across Kazakhstan and Turkey.
Lomtadze further stated that both companies will retain their brand identities and organizational frameworks post-acquisition, while seeking synergies through shared technology and expertise to further e-commerce and digital services in both regions.
Hanzade Dogan Boyner remarked on the significance of this acquisition for Hepsiburada, reflecting on the company’s 24-year trajectory and its pioneering role in Turkey’s digitalization through innovative e-commerce initiatives. Boyner celebrated the company’s
achievements, including its status as Turkey’s first NASDAQ-listed company in 2021, and expressed pride in Hepsiburada’s workforce, merchant network, and customer base.