Hepsiburada is being sold: Kaspi.kz to become the majority shareholder
The sale process of the e-commerce platform Hepsiburada is underway. Kaspi.kz, one of Kazakhstan's largest groups, will become the majority shareholder of Hepsiburada. In an official statement, the company announced that Hanzade Doğan, Vuslat Doğan Sabancı, Begüm Doğan Faralyalı, Arzuhan Doğan Yalçındağ, and Işıl Doğan have signed a binding agreement to transfer 65.4% of Hepsiburada's A and B group shares to Kaspi.kz.
Founded in 2000 by Hanzade Doğan, Hepsiburada has been a leading e-commerce platform in Turkey. The company currently serves 12 million active customers with 101,000 business partners. In 2023, Hepsiburada's total sales volume reached approximately $4 billion, with a positive EBITDA.
According to the company, the total value of the share transfer is estimated at $1.127 billion. The payment will be made in two installments.
The completion of the share transfer is subject to customary closing conditions and approval from Turkish regulatory authorities. The deal is expected to close in the first quarter of 2025.
Kaspi.kz CEO shared his thoughts on the agreement:
Kaspi.kz CEO and co-founder Mikheil Lomtadze expressed his excitement about the agreement, stating, "We are thrilled to join forces with one of Turkey's leading e-commerce companies, Hepsiburada. Expanding our market to a population of nearly 100 million was a top priority for us. Hepsiburada's positive EBITDA demonstrates the company's commitment to sustainable, profitable growth. Following the transaction, Kaspi.kz looks forward to collaborating with Hepsiburada to develop more attractive products and services for consumers and sellers, and to share experiences, enabling mutual learning for both companies. We believe this partnership will open new opportunities for SMEs in both Kazakhstan and Turkey."
Hanzade Doğan: "A significant turning point for Hepsiburada"
Hepsiburada’s founder and Chairwoman Hanzade Doğan also commented on the deal, calling it a significant milestone for the company: "Today marks an important turning point for the Hepsiburada Group, which I founded 24 years ago. Hepsiburada, which has led Turkey's digitalization journey with its innovative e-commerce solutions, is now taking a major step into an exciting future with Kazakhstan's largest group, Kaspi.kz."
Doğan emphasized her pride in Hepsiburada's achievements, including its skilled workforce of nearly 10,000 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, we were honored to wave our country's flag among global tech giants as Turkey's first and only publicly traded company on NASDAQ."
Details of the deal signed on October 17
According to the details of the share transfer agreement, Kaspi.kz and the Doğan family members signed the agreement on October 17, 2024. The total share transfer value is approximately $1.127 billion, with the first installment of $600 million payable at closing, and the second installment of $526.9 million to be paid no later than six months after closing.
The transaction is expected to be completed in the first quarter of 2025, subject to regulatory approvals and customary closing conditions.
