Kaspi.kz acquired the majority shares of Hepsiburada company

Kazakhstani kaspi.kzwith an important step Hepsiburada announced that it purchased the majority shares of the company for 1 billion 127 million dollars.

According to the news in Fortune Turkey Kaspi.kz, whose shares are traded on the Kazakhstan and NASDAQ stock exchanges, Representing 65.4 percent of Hepsiburada Signed a binding contract for the transfer of Group A and B shares. Kaspi.kz CEO and co-founder Mikheil Lomtadze said the following about the 1 billion 127 million dollar agreement:We are excited to join forces with Hepsiburada, one of Turkey’s leading e-commerce companies. Expanding our total market to reach a population of approximately 100 million people was an important priority. Hepsiburada is in full cultural harmony with Kaspi.kz due to its innovative culture, focus on providing high quality service to consumers and business partners, and commitment to long-term sustainable growth. Like Kaspi.kz, Hepsiburada was founded by a visionary business leader and is an entrepreneurial company and domestic e-commerce leader. Both companies are driven by the goal of improving the lives of consumers and sellers.

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Hepsiburada’s positive EBITDA-generating financial position is strong evidence that current shareholders and the management team are focused on profitable growth rather than growth at all costs. Following the completion of the transaction, Kaspi.kz aims to work with Hepsiburada, share experiences and mutual learning, while developing more interesting products and services for consumers and sellers. In this context, we believe that SMEs and entrepreneurs in Kazakhstan and Turkey will benefit from new opportunities between our countries. Following completion of the transaction, both companies will maintain their own brands and organizational structures. “As we continue to develop e-commerce and digital services in Türkiye and Kazakhstan, we aim to benefit from the extensive knowledge and technology of Kaspi.kz and Hepsiburada teams.”

Hepsiburada founder and Chairman of the Board of Directors Hanzade Doğan said: “Today is an important milestone for Hepsiburada Group, which I founded 24 years ago. Hepsiburada, which pioneers Turkey’s digitalization journey with innovative e-commerce applications, is stepping into an exciting future with Kazakhstan’s largest group, Kaspi. I am very proud of the value Hepsiburada creates with its competent workforce of approximately 10 thousand people, 101 thousand business partners and 12 million active customers. Our entire ecosystem has worked tirelessly to create one of Turkey’s strongest brands.

In 2021, as Turkey’s first and only company traded on NASDAQ, we had the honor of flying our country’s flag among global technology giants. I dream of sustainable growth for Hepsiburada, where it will provide more added value. Kaspi, which is traded on NASDAQ like Hepsiburada and aims to improve the lives of its customers with innovative solutions, stands out as the most suitable partner that can reveal the full potential of Hepsiburada.

Seen as an inspiring success story in the global technology world, Kaspi’s trust and investment appetite in Turkey will undoubtedly strengthen Hepsiburada’s position in our e-commerce industry. I would like to express my heartfelt gratitude to all our stakeholders who believe in the values ​​that shape Hepsiburada. As we begin this new era, I wish Hepsiburada and Kaspi great success in their joint journey.”

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