Hepsiburada

History

2024: Kazakhstan's Kaspi.kz Bank buys Hepsiburada

Kazakhstan company Kaspi.kz in October 2024 announced the signing of an agreement on the acquisition of about 65% of the shares of the Turkish marketplace Hepsiburada. The transaction amount was approximately $1.13 billion.

According to Italic, Hepsiburada is one of the largest e-commerce platforms in Turkey, whose shares are listed on the NASDAQ exchange. The company was founded in 2000 by Khanzade Dogan and became the first Turkish company to list its shares on the American stock exchange in 2021.

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Head and co-founder of the Kaspi.kz Mikhail Lomtadze noted that this acquisition will expand the company's target market to 100 million people, which is an important strategic priority for Kaspi.kz. Lomtadze also emphasized the similarity of the corporate cultures of both companies, their commitment to innovation and focus on long-term sustainable growth.

At the end of 2023, about 12 million customers and 101 thousand partner stores used the services of Hepsiburada. The total cost of goods sold through the company's platform amounted to about $4 billion.

Founder and Chairman of the Board of Directors of Hepsiburada Khanzade Dogan expressed pride in the company's achievements and noted that cooperation with the largest company in Kazakhstan by market capitalization opens up new prospects for development.

The deal is expected to be completed in the first quarter of 2025 after obtaining the necessary approvals from Turkish regulators and following legal procedures. Once the deal is complete, both companies will retain their brands and operating structures. Combining the expertise and technology of the two market leaders could lead to a powerful platform capable of competing with global e-commerce players.^[1]

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