Kaspi.kz (KSPI) said Wednesday it has completed its $1.13 billion acquisition of a controlling interest in Hepsiburada (HEPS), a Turkish e-commerce platform.
The acquisition has already received regulatory and shareholder approvals, the company said.
Kaspi.kz said it has acquired 40 million class A shares and 173.2 million shares of the company from a group of sellers including Hanzade Dogan, founder of Hepsiburada.
The Kazakh company said $600 million of the acquisition was paid in cash on the closing date while $526.9 million will be paid as a deferred cash consideration with 65.2 million class B shares pledged as collateral.
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