Kaspi.kz, which is listed on the Kazakhstan and NASDAQ stock exchanges, has announced that it has signed a binding agreement for the transfer of A and B group shares representing 65.4% of Hepsiburada with the founder and controlling shareholder Hanzade Doğan, along with Vuslat Doğan Sabancı, Begüm Doğan Faralyalı, Arzuhan Doğan Yalçındağ, and Işıl Doğan.
Founded in 2000 by Hanzade Doğan, Hepsiburada serves 12 million active customers with 101,000 business partners, generating a Gross Merchandise Value (GMV) of approximately $4 billion and achieving a positive EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) representing 1.8% of the GMV in its 2023 financial year.
The total value of the share transfer is approximately $1.127 billion
The value of the total share transfer in this transaction is approximately $1.127 billion, with payment to be made in two installments. It should be noted that the share transfer agreement is subject to customary closing conditions and the obtaining of administrative permits in Turkey, and closing is expected to occur in the first quarter of 2025.
Mikhail Lomtadze, CEO and co-founder of Kaspi.kz, stated, “We are excited about the opportunity to join forces with Hepsiburada, one of Turkey’s leading e-commerce companies. Expanding our total market reach to about 100 million people was an important priority for us. Hepsiburada is in complete cultural alignment with Kaspi.kz because of 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 local e-commerce leader.
Both companies are dedicated to improving the lives of consumers and vendors. Hepsiburada’s positive EBITDA-generating financial position is a strong testament to the existing shareholders and management team’s focus on profitable growth instead of growth at all costs. After the transaction is completed, Kaspi.kz aims to develop more engaging products and services for consumers and vendors while collaborating with Hepsiburada, sharing experiences, and fostering mutual learning.
We believe that small and medium-sized enterprises (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 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,” he added.
Hanzade Doğan, founder and Chairwoman of the Board of Hepsiburada, said, “Today marks an important milestone for the Hepsiburada Group that I founded 24 years ago. Hepsiburada, which has pioneered 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 created by Hepsiburada, which has approximately 10,000 skilled employees, 101,000 business partners, and 12 million active customers.
Our entire ecosystem has worked tirelessly to create one of Turkey’s strongest brands. In 2021, as the first and only company in Turkey listed on NASDAQ, we had the honor of waving our country’s flag among global technology giants. I envision sustainable growth that will provide added value for Hepsiburada. Kaspi, which is also listed on NASDAQ and aims to improve the lives of its customers with innovative solutions, stands out as the most suitable partner to unlock Hepsiburada’s full potential.
Kaspi’s confidence in and investment appetite for Turkey, viewed as an inspiring success story in the global technology world, will undoubtedly strengthen Hepsiburada’s position in our e-commerce sector. I sincerely thank all stakeholders who believe in the values that shape Hepsiburada. As we enter this new era, I wish great success for Hepsiburada and Kaspi on their joint journey.”
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Arwen Volkov, A graduate of the University of St. Gallen in Switzerland with a degree in International Finance, Arwen specializes in sustainable finance and green investments. She began her career at an investment bank in London, where she developed financing models for environmentally friendly projects. Known for her analytical and strategic thinking skills, Arwen is a sought-after financial consultant. In her spare time, she mentors fintech startups, contributing to their growth strategies. She is also a nature enthusiast and an amateur photographer.
