Sale of famous company approved: Kazakh firm to acquire

Kazakhstan's leading online shopping platform Kaspi.kz has reached an agreement to acquire 65.41 percent of the shares of D-Market Elektronik Hizmetler ve Ticaret A.Ş., the owner of Hepsiburada, for 1.13 billion dollars.

PAYMENT DETAILS

Within the framework of the agreement, 600 million dollars of the 1.13 billion dollars will be paid upon the completion of the acquisition, and the remaining 526.9 million dollars will be paid within six months after the closing.

COMPETITION BOARD APPROVAL RECEIVED

While the permits regarding the acquisition are expected to be completed by the beginning of 2025, approval for the sale has also been received from the Competition Board. In the statement published on the Competition Authority's website, it was reported that the acquisition of the majority shares and sole control of D-Market Elektronik Hizmetler ve Ticaret A.Ş., which is under the sole control of Hanzade Vasfiye Doğan Boyner, by Kaspi.kz has been permitted.

STATEMENT FROM KASPİ.KZ CEO

Kaspi.kz CEO Mikhail Lomtadze stated that they do not see Hepsiburada merely as an investment, but also aim to grow Hepsiburada further by sharing their own strong technology and experience. Stating that the company makes large investments in technology every year and supports small businesses with this expertise, Lomtadze expressed their belief that they will achieve significant success in the Turkish market thanks to Hepsiburada's vision and strong management.

Lomtadze used the following expressions in his statement:

“Such a decision requires a fifty-fifty combination of intuition and analysis. The Turkish market has great potential with its structure, economy, and population of over 85 million. However, the main factor is Hepsiburada's strong management team and vision.”