Kaspi.kz EGM Approves Acquisition of HepsiBurada and Dividend Payment

Deal News | Nov 22, 2024 | Aim Group

Shareholders of Kazakhstan-based Kaspi.kz have given the green light for the acquisition of 65.41% of D-Market Electronic Services & Trading (Hepsiburada) for $1.127 billion. This transaction, pending after Turkish competition authority approval, will see Kaspi.kz paying $600 million initially, with an additional $526.9 million due in six months. Expected to finalize in early 2025, the deal ensures both companies retain their brand identities. Meanwhile, Kaspi.kz announced a dividend of KZT850 per share for Q3 2024 and a board change with Zurab Nikvashvili’s election.

Sectors

E-commerce
Fintech
Financial Services

Geography

Kazakhstan – Kaspi.kz, the acquiring company, is based in Kazakhstan.
Turkey – Hepsiburada, the target of the acquisition, is a leading e-commerce platform based in Turkey.

Industry

E-commerce – Kaspi.kz's acquisition of Hepsiburada, a leading e-commerce technology platform, highlights its involvement in the e-commerce industry.
Fintech – Kaspi.kz is known as a major fintech player in Kazakhstan, indicated by its marketplace classified and fintech business operations.
Financial Services – Kaspi.kz operates within the financial services sector with activities such as issuing dividends and overseeing board appointments.

Financials

$1.127 billion – The purchase price for 65.41% of Hepsiburada by Kaspi.kz.
KZT850 ($1.7 U.S.) – The amount of dividend per common share to be paid by Kaspi.kz for Q3 2024.
$600 million – Upfront payment to be made by Kaspi.kz for the acquisition.
$526.9 million – Deferred payment to be made six months after the closure of the acquisition.

Participants

Name	Role	Type	Description
Kaspi.kz	Buyer	Company	The largest marketplace classified and fintech business in Kazakhstan, acquiring a controlling stake in Hepsiburada.
D-Market Electronic Services & Trading (Hepsiburada)	Target	Company	A leading e-commerce technology platform based in Turkey, being acquired by Kaspi.kz.
Hanzade Doan	Seller	Person	Founder of D-Market Electronic Services & Trading Joint Stock Company (Hepsiburada) and involved in the sale of stakes to Kaspi.kz.
Turkish Competition Authority	Regulator	Government	Approved the acquisition transaction.
Zurab Nikvashvili	Independent Director	Person	Recently elected to the board of Kaspi.kz, he is a CPA and academic associated with notable positions in Georgia and Armenia.