Hepsiburada Appoints Kaspi CEO Mikheil Lomtadze as Chairman
Deal News | Feb 10, 2025 | Aim Group
Hepsiburada, a prominent Turkey-based e-commerce company, has appointed Mikheil Lomtadze, co-founder, CEO, and chief ecosystem officer of Kaspi.kz, as chairman of its board. This leadership change follows the acquisition of a 65.41% controlling stake in Hepsiburada by Kaspi for $1.1 billion. Along with Lomtadze, Kaspi's high-level executives, Yuri Didenko, Tengiz Mosidze, Pavel Mironov, and Sandro Berdzenishvili, have been elected to the board, leading to a reorganization by reducing board size by two members. Meanwhile, legal executive Gne Akman zcan has been confirmed as general counsel and corporate secretary, to officially start his role from January 1, 2025. This reshuffle intends to align Hepsiburada's corporate governance with Kaspi's strategic decision-making structure, with Lomtadze and other principal Kaspi figures playing pivotal roles.
Sectors
- E-commerce
- Financial Services
- Corporate Governance
Geography
- Turkey – Hepsiburada is based in Turkey, indicating regional business operations and impact.
- Kazakhstan – Kaspi.kz, the acquiring firm, is based in Kazakhstan, highlighting cross-border acquisition.
Industry
- E-commerce – Hepsiburada is an e-commerce platform, making this sector highly relevant.
- Financial Services – Kaspi.kz is involved in financial services, with emphasis on payments and commerce.
- Corporate Governance – The article discusses changes in board membership and governance structure post-acquisition.
Financials
- 1,100,000,000 – Kaspi's acquisition stake in Hepsiburada valued at $1.1 billion.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Hepsiburada | Target Company | Company | A Turkey-based e-commerce company operating under D-Market Electronic Services & Trading and listed on Nasdaq. |
| Kaspi.kz | Bidding Company | Company | A Kazakhstan-based financial technology and payments platform acquiring a controlling stake in Hepsiburada. |
| Mikheil Lomtadze | Board Chairman | Person | CEO and co-founder of Kaspi.kz, appointed as chairman of Hepsiburada's board. |
| Yuri Didenko | Board Member | Person | Deputy chairman at Kaspi and responsible for capital markets, elected to Hepsiburada's board. |
| Tengiz Mosidze | Board Member | Person | Deputy chairman at Kaspi responsible for finance, elected to Hepsiburada's board. |
| Pavel Mironov | Board Member | Person | Deputy chairman at Kaspi responsible for operations, elected to Hepsiburada's board. |
| Sandro Berdzenishvili | Board Member | Person | Head of Kaspi Pay and mobile commerce at Kaspi, elected to Hepsiburada's board. |
| Gne Akman zcan | Corporate Secretary and General Counsel | Person | Appointed as general counsel and corporate secretary at Hepsiburada as of January 1, 2025. |
| Vyacheslav Kim | Major Shareholder | Person | Chairman of Kaspi and shareholder. |
| Baring Funds | Major Shareholder | Company | Holds significant shares in Kaspi. |