Kazakh company emerges as biggest shareholder of Türkiye’s e-commerce giant
Date
10/20/2024 2:17:23 AM
(MENAFN) Kazakhstan's e-commerce group, Kaspi.kz, has officially become the largest shareholder of the Turkish e-commerce company Hepsiburada, according to an announcement made on Friday. Kaspi.kz, along with Hepsiburada’s founder and CEO, Hanzade Doğan Boyner, and other shareholders, signed an agreement to acquire 65.41 percent of all Class A and B shares of the Turkish firm. The total value of the Acquisition was reported to be approximately USD1.1 million, to be paid in two installments, subject to regulatory approvals and customary conditions in Türkiye, with the deal expected to close in the first quarter of next year.
Kaspi.kz indicated that it would fund the acquisition using its existing revenues and assets but may explore financing options depending on market conditions. This acquisition follows the credit rating agency Fitch upgrading Kaspi.kz’s rating to investment-grade BBB minus. According to Mikheil Lomtadze, CEO and co-founder of Kaspi.kz, the goal of the partnership is to enhance the quality of life for both consumers and sellers in their ecosystem, leveraging the strengths of both companies.
Lomtadze emphasized that Hepsiburada is currently "EBITDA positive," meaning that it operates profitably, a result of its focus on sustainable, profitable growth rather than simply expanding at all costs. He noted that both companies share a commitment to delivering high-quality services to their customers and business partners and are focused on long-term growth. The collaboration will also allow small and medium-sized enterprises (SMEs) and entrepreneurs in both Kazakhstan and Türkiye to access new opportunities.
Despite the acquisition, both Kaspi.kz and Hepsiburada will retain their own brands and organizational structures. Lomtadze expressed excitement about joining forces with Hepsiburada and highlighted the potential for mutual benefit from each company's technological and operational expertise. Hanzade Doğan Boyner, Hepsiburada’s founder, also remarked that this partnership is a major milestone for the company she founded 24 years ago.
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