Shares of D-MARKET Electronic Services & Trading (HEPS), the parent company of Turkey's leading e-commerce platform Hepsiburada, surged by a staggering 37.27% on October 18, 2024. This significant rally was fueled by the announcement that Kazakhstan's tech giant Kaspi.kz has agreed to acquire a controlling 65.41% stake in HEPS 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.
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