Kaspi.kz Acquires Controlling Stake in Hepsiburada for $1.1 Billion
Deal News | Jan 29, 2025 | Aim Group
In a significant strategic move, Kazakhstan-based fintech and e-commerce company Kaspi.kz has finalized its acquisition of a controlling interest in Hepsiburada, a Turkish digital marketplace. The transaction, which recently received regulatory approval, involved the purchase of 40 million Class A and 173 million Class B shares of Hepsiburada from a consortium of sellers including its founder, Hanzade Doğan. With this acquisition, Kaspi.kz now holds 65.4% of Hepsiburada's total outstanding share capital. The purchase was concluded for approximately $1.1 billion, with $600 million paid initially and an additional $527 million deferred for settlement within six months. Kaspi.kz has pledged a portion of Hepsiburada's shares as collateral for this deferred amount. This expansion is seen as instrumental to Kaspi.kz’s strategy of enlarging its addressable market. The two companies will retain their unique brands, although they will collaborate to leverage their combined technologies and expertise for future growth in the e-commerce and digital service sectors across Turkey and Kazakhstan.
Sectors
- E-commerce
- Fintech
- Classifieds
Geography
- Kazakhstan – Kaspi.kz is based in Kazakhstan and orchestrated the acquisition.
- Turkey – Hepsiburada is based in Turkey, making it a primary geography in the article.
Industry
- E-commerce – Hepsiburada is a Turkish marketplace, making the e-commerce industry relevant.
- Fintech – Kaspi.kz is engaged in fintech operations, enhancing the relevance of the fintech sector.
- Classifieds – Kaspi.kz's involvement in classifieds adds another dimension to the industry classification.
Financials
- $1.1 billion – Total consideration for the acquisition of Hepsiburada by Kaspi.kz.
- $600 million – Amount paid in cash on the closing date of the acquisition.
- $527 million – Deferred cash consideration to be paid within six months of the acquisition closing.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Kaspi.kz | Bidding Company/Buyer | Company | Kazakhstan-based e-commerce, fintech, and classifieds company that acquired a majority stake in Hepsiburada. |
| Hepsiburada | Target Company | Company | A Turkish e-commerce and marketplace platform acquired by Kaspi.kz. |
| Hanzade Doğan | Seller | Person | Founder and controlling shareholder of Hepsiburada, involved in the share sale. |
| Vuslat Doğan Sabancı | Seller | Person | Part of the group of sellers selling shares of Hepsiburada. |
| Begüm Doğan Faralyalı | Seller | Person | Part of the group of sellers selling shares of Hepsiburada. |
| Arzuhan Doğan Yalınkaya | Seller | Person | Part of the group of sellers selling shares of Hepsiburada. |
| İlhan Doğan | Seller | Person | Part of the group of sellers selling shares of Hepsiburada. |