Hepsiburada is being sold to Kaspi, the largest group in Kazakhstan.

The online shopping platform of Kazakhstan, Kaspi.kz, has agreed to purchase 65.41% of Hepsiburada, owned by D-Market, for $1.13 billion. The statement indicated that the agreement for the purchase of Class A and B shares, corresponding to 65.4% of Hepsiburada's capital, was signed yesterday with members of the Doğan family.

PAYMENT WILL BE COMPLETED IN TWO INSTALLMENTS

The acquisition is expected to be finalized in the first half of 2025, following the necessary approvals. According to the statement, $600 million of the $1.13 billion will be paid at the closing of the deal, and $526.9 million will be paid within 6 months after the closing.

Hepsiburada's shares, traded on the US stock exchange, closed at $2 yesterday. According to LSEG data, Hepsiburada's market value was at $707 million.

STATEMENT FROM THE KAZAKH COMPANY

In a statement regarding the agreement, Kaspi.kz CEO Mikheil Lomtadze noted, "We believe that SMEs and entrepreneurs in Kazakhstan and Turkey will benefit from the new opportunities between our countries. Following the completion of the transaction, both companies will continue to maintain their own brands and organizational structures. While continuing to develop e-commerce and digital services in Turkey and Kazakhstan, we aim to leverage the extensive knowledge and technology expertise of the Kaspi.kz and Hepsiburada teams."

A STATEMENT FROM HEPSIBURADA

Hepsiburada founder and Chairman Hanzade Doğan stated regarding the agreement, "Hepsiburada is stepping into an exciting future with Kazakhstan's largest group, Kaspi. Kaspi, which is traded on NASDAQ and aims to improve the lives of its customers with innovative solutions, stands out as the most suitable partner that can unlock the full potential of Hepsiburada."