Kaspi.kz finalizes Turkish Hepsiburada marketplace acquisition

On Jan. 29, Kazakhstan-based fintech company Kaspi.kz announced it had finalized a deal to acquire a 65.41% stake in Turkish marketplace Hepsiburada worth $1.1 billion.

Kaspi.kz bought 40 million class A shares and 173.2 million class B shares of D-Market Electronic Services & Trading (Hepsiburada) under an agreement signed on Oct. 17, 2024.

The deal was approved by Turkish regulators. Its total value reached $1.127 billion, of which $600 million was paid in cash upon closing. The remaining $526.9 million will be transferred in cash no later than six months after the deal’s conclusion. Both companies will keep their brands and operational structures.

«Expanding our addressable market to 100 million people has been an important strategic priority for Kaspi.kz… Going forward, we will leverage the combined knowledge and technology that the Kaspi.kz and Hepsiburada teams bring in order to deliver fast and sustainable bottom-line growth well into the future,» said Mikheil Lomtadze, CEO of Kaspi.kz

He added that the two companies have significant potential to advance e-commerce and digital services in Kazakhstan and Turkey. According to Lomtadze, small and medium-sized businesses will greatly benefit from new opportunities arising between the two countries.  

In late October, Hepsiburada announced plans to enter African markets, starting operations in Egypt with future expansion into Morocco. In 2023, Hepsiburada was ranked third among Turkish online retailers, following the Migros grocery chain and Turkey’s leading marketplace, Trendyol, as reported by Statista.com.