HepsiBurada Sale to Kazakhstan's Kaspi.kz Gains Turkish Approval
Deal News | Nov 19, 2024 | Aim Group
The Turkish Competition Authority has greenlit the sale of e-commerce enterprise HepsiBurada to Kazakhstani marketplace and fintech entity Kaspi.kz. This acquisition comes after Kaspi.kz inked a binding deal with D-Market's founder, Hanzade Doan, and her family for a 65.4% stake of HepsiBurada at a $1.1 billion valuation. The payment structure includes an upfront $600 million with an additional $527 million on the table within six months post-closure. Established in 2000, HepsiBurada serves over 12 million users with a vast ecosystem of 101,000 merchants, aligning its model akin to Amazon’s mix of direct and third-party sales. This strategic maneuver is crucial following HepsiBurada’s stock stumble post-2021 IPO. Despite the ownership shift, both HepsiBurada and Kaspi.kz will keep separate brands while sharing technological frameworks, poised to enhance e-commerce and digital solutions. Kaspi.kz, operating Kazakhstan's most popular app, integrated various services evidenced by its $3.6 billion revenue over nine months in 2024. The transaction is anticipated to finalize in Q1 2025.
Sectors
- E-commerce
- Fintech
Geography
- Turkey – The approval from the Turkish Competition Authority and the location of HepsiBurada make Turkey a significant geography for this transaction.
- Kazakhstan – Kaspi.kz, the acquiring company, is based in Kazakhstan, highlighting this country's relevance in the transaction.
Industry
- E-commerce – HepsiBurada operates as an e-commerce platform, providing services similar to Amazon with both direct sales and a third-party marketplace.
- Fintech – Kaspi.kz is not only involved in e-commerce but also in financial technology, operating as a prominent fintech entity within Kazakhstan.
Financials
- $1.1 billion – Total valuation for the acquisition of 65.4% of HepsiBurada by Kaspi.kz.
- $600 million – Upfront payment by Kaspi.kz for the acquisition.
- $527 million – Additional payment to be made by Kaspi.kz within six months of deal closure.
- $3.6 billion – Kaspi.kz's consolidated revenue in the first nine months of 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| HepsiBurada | Target Company | Company | A leading Turkish e-commerce platform, known for its extensive marketplace and direct sales model. |
| Kaspi.kz | Bidding Company | Company | Kazakhstan-based fintech and marketplace leader, aiming to expand its e-commerce influence through this acquisition. |
| Hanzade Doan | Seller | Person | Founder of D-Market Electronic Services & Trading, part of the family selling stake in HepsiBurada. |
| Turkish Competition Authority | Regulatory Body | Government | The national regulatory body responsible for approving the sale of HepsiBurada to Kaspi.kz. |