E-commerce champions join forces: Kaspi.kz to become controlling shareholder in Türkiye's Hepsiburada
ALMATY, Kazakhstan, Oct. 18, 2024 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (NASDAQ:KSPI) has announced that it has signed a definitive agreement with Hanzade Doğan, the founder and controlling shareholder of D-Market Electronic Services & Trading (NASDAQ:HEPS), and Vuslat Doğan Sabancı, Begüm Doğan Faralyalı, Arzuhan Doğan Yalçındağ and Işıl Doğan to acquire 65.41% of all the total outstanding Class A and Class B shares of Hepsiburada.
Founded in 2000 by Hanzade Doğan, Hepsiburada has long been one of Türkiye's leading e-commerce platforms. The company grew by focusing on customer service, technology, logistics and a broad assortment of products across various retail categories. For fiscal year 2023, the company recorded around $4 billion in gross merchandise value (GMV), served around 12 million consumers and 101 thousand merchants. For first half of 2024, Hepsiburada was EBITDA positive and equivalent to 2.4% of GMV.
The aggregate consideration for the transaction is approximately $1,127 million, payable in cash in two installments. The transaction is subject to customary closing conditions and regulatory approvals in Türkiye, with closing expected in the first quarter 2025.
Mikheil Lomtadze, CEO and co-founder of Kaspi.kz, commented:
"We are excited about the opportunity to join forces with Hepsiburada, one of the leading e-commerce companies in Türkiye. Expanding our addressable market to 100 million people has been an important strategic priority for Kaspi.kz.
Hepsiburada is a strong cultural fit with Kaspi.kz given its innovative culture, focus on providing high quality services to consumers and merchants and commitment to long-term sustainable growth. Like Kaspi.kz, Hepsiburada is a highly entrepreneurial company and home-grown e-commerce champion, built by a visionary founder. Both companies are driven by a similar purpose, namely to improve consumers' and merchants' lives.
Hepsiburada is EBITDA positive, which is a strong testament to the current shareholders and management team who have focused on profitable growth rather than growth at all costs.
Going forward following the closing of the transaction both companies will maintain distinct brands and operating structures. We are aiming to leverage the combined knowledge and technology that the Kaspi.kz and Hepsiburada teams bring, as we plan to jointly continue advancing e-commerce and digital services in Türkiye and Kazakhstan. We believe that SMEs and entrepreneurs in Kazakhstan and Türkiye will benefit from new opportunities between our countries."
Hanzade Doğan, Founder and Chairwoman of Hepsiburada, commented:
"Today marks a significant milestone for Hepsiburada Group, which I founded 24 years ago. As a pioneer in Türkiye's digitalization journey through innovative e-commerce practices, Hepsiburada now embarks on an exciting future with Kaspi.kz, Kazakhstan's largest company by market capitalization. I'm immensely proud of Hepsiburada's journey, its approximately 10,000-strong workforce, 101 thousand merchants, and 12 million customers.
Our entire ecosystem has worked tirelessly to build one of Türkiye's most powerful brands. In 2021, we achieved the honor of becoming Türkiye's first and only NASDAQ-listed company, raising our nation's flag among global tech giants.
My vision for Hepsiburada is one of sustainable growth and increased value creation. Kaspi.kz, with its focus on improving people's lives through innovative solutions and status as a NASDAQ-listed company, is the ideal partner to help Hepsiburada reach its full potential.
Recognized as an inspiring success story in the global technology world, Kaspi.kz's commitment, trust, and investment in Türkiye will undoubtedly strengthen Hepsiburada's position in the country's e-commerce sector.
I extend my heartfelt gratitude ...
