The Kazakh fintech group Kaspi.kz has announced the acquisition of approximately 65% of the shares in the major Turkish marketplace Hepsiburada, as reported by Forbes.kz. The deal was made with the founder and majority shareholder of Hepsiburada, Hanzade Dogan, along with other shareholders.
Hepsiburada is one of the leaders in e-commerce in Turkey, founded in 2000. The platform offers over 264 million products across more than 30 categories and collaborates with 101,000 partner stores. In 2023, sales through the platform amounted to around $4 billion.
The total value of the deal is approximately $1.127 billion. The transaction is expected to be completed in the first quarter of 2025, pending necessary approvals from regulatory authorities in Turkey.
Upon completion of the deal, both companies will retain their brands and operational structures. Kaspi.kz plans to leverage combined knowledge and technology to advance e-commerce and digital services in Kazakhstan and Turkey.
According to the head and co-founder of Kaspi.kz, Mikhail Lomtadze, "expanding the target market to 100 million people is an important strategic priority." The founder and chairwoman of the board of directors of Hepsiburada, Hanzade Dogan, called the Kazakh fintech group "an ideal partner that will help Hepsiburada fully realize its potential."
In January of this year, Kaspi conducted an IPO on the American Nasdaq exchange, raising $1 billion with a share price of $92. Shortly thereafter, the company announced its delisting from the London Stock Exchange (LSE), where it had conducted its initial depositary receipt offering in 2020.
Kaspi in Uzbekistan
In June, the company announced that it was exploring the possibility of entering the markets of Uzbekistan and other countries. In August, the Kazakh fintech group expressed interest in acquiring the payment system Humo.
“We anticipate significant investments in technology and personnel in Uzbekistan, which will make Humo's payment services even more accessible and convenient for all participants. As a result of these investments, Humo will receive an additional boost for development, expand its technological capabilities, and become a role model in the field of innovation for many,” stated Lomtadze.
According to estimates from experts surveyed by Spot, the minimum value of Humo ranges from $60 to $80 million. Access to current and forecast financial data of Humo is necessary to determine the exact price.
Earlier, Spot reported that the unified subscription service for children, YAYA, is entering the market in Uzbekistan.