Observed Signal · Oct 18, 2024 · M&A - Announced · Source: Tech.eu · Impact: 3/5 · Sentiment: Positive
Kaspi.kz Acquires Majority Stake in Hepsiburada for $1.1B
Kazakhstan-based fintech and digital services company Kaspi.kz has announced a binding agreement to acquire a 65.4% majority stake in Turkish e-commerce platform Hepsiburada for $1.1 billion. Hepsiburada, founded in 2000 by Hanzade Doğan, operates a hybrid model of first-party sales and third-party marketplace, offering over 264 million SKUs across more than 30 categories. The platform serves roughly 12 million active customers and works with about 101,500 merchants. The sellers include Hanzade Doğan and other members of the Doğan family. Kaspi.kz CEO Mikhail Lomtadze said the acquisition expands the combined market to a population of approximately 100 million and will benefit entrepreneurs and SMEs in both countries. Both brands will remain separate after closing, which is expected in the first quarter of 2025, subject to regulatory approvals in Turkey.
A $1.1B majority acquisition of one of Turkey's largest e-commerce platforms represents significant regional market consolidation with potential future implications for e-commerce, retail media, and digital services in Kazakhstan and Turkey, though it is not yet closed and is not directly an AdTech platform development.
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Key Takeaways & Evidence Grounding
- Kaspi.kz agreed to acquire 65.4% of Hepsiburada for $1.1 billion.
- Hepsiburada has about 12 million active customers and 101,500 merchant partners.
- Hepsiburada offers over 264 million stock-keeping units across more than 30 product categories.
- The transaction is expected to close in Q1 2025, subject to Turkish regulatory approvals.
- Both Kaspi.kz and Hepsiburada will maintain their own brands and organizational structures after the deal.
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