Kaspi.kz acquires majority stake in Türkiye's Hepsiburada for $1.13 billion
Kazakhstan's leading fintech and banking company, Kaspi.kz, has announced its acquisition of a majority stake in Turkish e-commerce platform Hepsiburada. The deal, valued at $1.13 billion, was revealed on Friday and positions Kaspi.kz as the controlling shareholder, acquiring 65.41% of Hepsiburada’s Class A and Class B shares from D-Market.
The agreement was made with the Doğan family, the primary owners of Hepsiburada, including its founder and chairwoman, Hanzade Doğan, along with key shareholders Vuslat Doğan Sabancı, Begüm Doğan Faralyalı, Arzuhan Doğan Yalçındağ, and Işıl Doğan. Under the terms of the deal, Kaspi.kz will pay $600 million at the time of closing, with an additional $526.9 million to be paid within six months. The transaction is expected to be completed in the first half of 2025, pending necessary regulatory approvals.
Founded in 2000 by Hanzade Doğan, Hepsiburada has been a leader in Türkiye's e-commerce sector and became the first Turkish company listed on Nasdaq following its 2021 IPO. However, the company has faced valuation challenges since its debut. As of Thursday’s close, Hepsiburada’s market value stood at approximately $707 million, with a share price of $2.2.
Kaspi.kz operates across three core segments—payments, marketplace, and fintech—offering a range of services to both consumers and merchants. Its app supports various transactions, from e-commerce purchases to accessing buy now, pay later (BNPL) credit, and even renewing driving licenses.
CEO and co-founder of Kaspi.kz, Mikheil Lomtadze, calling it a strategic move to expand Kaspi.kz’s market presence to Türkiye, which has a population of 100 million. "We are excited about the opportunity to join forces with Hepsiburada, one of the leading e-commerce companies in Türkiye. Expanding our addressable market to 100 million people has been a key priority for Kaspi.kz," Lomtadze stated. Following the acquisition, both Kaspi.kz and Hepsiburada will continue to operate under their distinct brands and structures. The companies aim to collaborate by sharing technology and expertise to drive further growth in e-commerce and digital services across both Türkiye and Kazakhstan. "We believe that SMEs and entrepreneurs in Kazakhstan and Türkiye will benefit from new opportunities between our countries,” Lomtadze added.
To finance the acquisition, Kaspi.kz will use cash generated from its operations and its existing cash reserves. The deal marks a significant step in the company’s strategy to broaden its market reach and enhance its leadership in the fintech and e-commerce sectors in both countries.
