Kaspi.kz (KSPI) said Friday it has signed a definitive agreement to acquire 65.41% of the total outstanding Class A and Class B shares of D-Market Electronic Services & Trading (HEPS) from founder Hanzade Dogan and other shareholders for a total cash consideration of around $1.13 billion, payable in two installments.

Turkish e-commerce platform D-Market Electronic Services & Trading, which operates as Hepsiburada, posted $4 billion in gross merchandise value in fiscal 2023, with around 12 million consumers served, Kaspi said.

Kazakh fintech Kaspi.kz's CEO Mikheil Lomtadze said the acquisition expands the company's access to a market of 100 million people.

Post-acquisition, both companies will retain distinct brands and operations.

The transaction is expected to close in Q1, pending regulatory approvals in Turkey.

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