Kazakhstan-based banking and fintech big Kaspi.kz is changing into a controlling shareholder in Hepsiburada because it introduced Friday it had reached an settlement to accumulate a majority stake within the Turkish e-commerce expertise platform.
In a press release, Kaspi.kz stated it entered a deal to accumulate 65.41% of complete excellent Class A and Class B shares of Hepsiburada, owned by D-Market, for $1.13 billion in money.
The settlement was reached with members of the Doğan household, the first homeowners of Hepsiburada, together with Hanzade Doğan, the founder and controlling shareholder of D-Market Electronic Services and Trading, and Vuslat Doğan Sabancı, Begüm Doğan Faralyalı, Arzuhan Doğan Yalçındağ and Işıl Doğan.
The transaction is anticipated to be finalized within the first half of 2025, pending regulatory approvals.
The deal is structured with $600 million to be paid on the closing of the transaction, whereas the remaining $526.9 million will probably be settled inside six months of the transaction’s completion, the assertion stated.
Hepsiburada’s market worth, primarily based on its closing share worth of $2.2 on Thursday, was roughly $707 million, in line with information from LSEG.
Founded in 2000 by Hanzade Doğan, Hepsiburada has lengthy been one in all Türkiye’s main e-commerce platforms.
This acquisition marks a brand new chapter after a difficult interval on the Nasdaq, the place the Hepsiburada’s valuation has struggled to satisfy investor expectations following its 2021 preliminary public providing (IPO).
That made it Türkiye’s first Nasdaq-listed firm.
For fiscal 12 months 2023, Hepsiburada recorded round $4 billion in gross merchandise worth (GMV), and served round 12 million shoppers and 101,000 retailers.
For the primary half of 2024, the corporate was earnings earlier than curiosity, taxes, depreciation, and amortization (EBITDA) optimistic and equal to 2.4% of GMV.
Kaspi.kz operates via three segments – funds, market and fintech – and caters to each shoppers and retailers. Besides e-commerce purchases, its app lets clients entry purchase now, pay later (BNPL) debt, renew their driving licenses and register their companies.
“We are excited about the opportunity to join forces with Hepsiburada, one of the leading e-commerce companies in Türkiye. Expanding our addressable market to 100 million people has been an important strategic priority for Kaspi.kz,” stated Mikheil Lomtadze, CEO and co-founder of Kaspi.kz.
Going ahead following the closing of the transaction each firms will keep distinct manufacturers and working constructions, stated the assertion.
“We are aiming to leverage the mixed information and expertise that the Kaspi.kz and Hepsiburada groups convey, as we plan to collectively proceed advancing e-commerce and digital companies in Türkiye and Kazakhstan. We consider that SMEs and entrepreneurs in Kazakhstan and Türkiye will profit from new alternatives between our international locations,” stated Lomtadze.
Hanzade Doğan, founder and chairwoman of Hepsiburada, stated Hepsiburada now embarks on an “exciting future with Kaspi.kz, Kazakhstan’s largest company by market capitalization.”
“I’m immensely proud of Hepsiburada’s journey, its approximately 10,000-strong workforce, 101,000 merchants, and 12 million customers,” Doğan famous.
To finance the funding, Kaspi.kz intends to make use of its personal money from operations and money at hand.
Source: www.dailysabah.com