Shares of D-MARKET Electronic Services & Trading (HEPS), the leading e-commerce platform in Turkey, skyrocketed by a staggering 65.91% in pre-market trading on Thursday, following the announcement that Kaspi.kz, Kazakhstan's largest tech company, has agreed to acquire a controlling 65.41% stake in the company for around $1.13 billion.

According to the deal terms, Kaspi.kz will purchase the HEPS shares from founder and Chairwoman Hanzade Dogan and her family members in two tranches - $600 million at closing and the remaining $526.9 million within six months after closing. The transaction is expected to close in the first quarter of 2025, subject to regulatory approvals in Turkey.

The strategic combination brings together two leading e-commerce champions from their respective regions. Kaspi.kz, known for its innovative "Super App" ecosystem, aims to leverage the acquisition to expand its addressable market to 100 million people across Turkey and Kazakhstan. Meanwhile, the partnership with the deep-pocketed Kazakh tech giant is expected to provide HEPS with fresh resources and expertise to accelerate its growth plans in the Turkish market and potentially explore cross-border opportunities.