One of Turkey’s leading e-commerce platforms, Hepsiburada, is being acquired by the Kazakhstan-based financial technology company Kaspi.kz, which will purchase a 65.4% stake. According to the agreement announced on October 18, 2024, the acquisition, valued at approximately $1.127 billion, is expected to be completed in the first quarter of 2025.
Sales agreement to be completed in 2025
Under the binding contract signed between Hepsiburada’s founder Hanzade Doğan and other family members Vuslat Doğan Sabancı, Begüm Doğan Faralyalı, Arzuhan Doğan Yalçındağ, and Işıl Doğan, and Kaspi.kz, the payment will be made in two installments. The first installment of $600 million will be paid at closing, while the remaining $526.9 million will be paid within 6 months after closing.
Founded in 2000 and publicly listed on NASDAQ in 2021, Hepsiburada reached a total sales volume of approximately $4 billion in its 2023 fiscal year. The platform is one of Turkey’s largest e-commerce companies, with 101,000 business partners and 12 million active customers.
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Kaspi.kz CEO and co-founder Mikheil Lomtadze stated that after the acquisition, both companies will maintain their own brands and organizational structures. Lomtadze said, “It was important for us to expand our total market to reach a population of around 100 million.“
The completion of the transaction requires approval from Turkish regulatory authorities. During the agreement process, Kaspi.kz was represented by DLA Piper LLP, Akol Law, and Kinstellar Almaty, while the Doğan Family was represented by Sullivan & Cromwell LLP, Kabine Law Office, and Dentons LLP.
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