D-MARKET Electronic Services & Trading, operating as Hepsiburada, announced on October 17, 2024, that its founder, Hanzade Vasfiye Doğan Boyner, and other affiliates entered into an agreement to sell their Class A and Class B shares to Joint Stock Company Kaspi.kz. This transaction involves the sale of 65.41% of Hepsiburada's total outstanding shares.
The aggregate consideration for this controlling stake is approximately $1,127 million. The agreement is subject to customary closing conditions, including the receipt of various regulatory approvals. Hepsiburada expects that a change of control will occur as a result of this transaction, and the company also stated that the agreement does not contemplate a tender offer for the shares of minority stockholders.
This strategic move is expected to significantly enhance Hepsiburada's market position and growth, particularly by leveraging Kaspi.kz's expertise in payments, marketplace, and fintech solutions. The acquisition by Kaspi.kz, a prominent digital ecosystem in Kazakhstan, is anticipated to accelerate Hepsiburada's technological capabilities and strengthen its offerings in the Turkish e-commerce sector.
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