Sold for $1.1 billion: Hepsiburada's new Chairman of the Board has been announced

Following the acquisition of a majority stake in Hepsiburada by the Kazakh online shopping platform Kaspi.kz for $1.1 billion, changes were made to the senior management at the Extraordinary General Assembly Meeting held on January 31, 2025.

At the meeting, Mikheil Lomtadze became the new Chairman of the Board of Hepsiburada.

Hepsiburada Chairman of the Board Mikheil Lomtadze stated the following regarding his new role at Hepsiburada:

“We founded Kaspi.kz with the goal of improving people's daily lives by developing innovative, life-touching, and world-class digital services. Today, as one of the largest technology companies in emerging markets, we always act as if we are developing our services for our family, friends, and loved ones; we strive to ensure that everyone around us is proud of the work we do. Now, as we join hands with the Hepsiburada team to take the company even further, we will always remain loyal to this initial mission. I would like to thank Hepsiburada founder Hanzade Doğan for her trust and friendship, and I wish her success in the future.”

DETAILS REGARDING THE SALE OF HEPSIBURADA

Hepsiburada announced to the NASDAQ Stock Exchange that it has transferred 65.4% of its shares to the Kazakhstan-based Kaspi.kz. Following the share purchase agreement signed on October 17, 2024, the approval processes of the Competition Authority, the BRSA, the ICTA, and the CBRT were completed in recent weeks.

Within the scope of the total $1.1 billion agreement, a payment of $600 million was made in cash, while the remaining $526.9 million will be paid within six months. According to the agreement, Hepsiburada and Kaspi.kz will continue their operations by maintaining their existing brand identities and operational structures.