Transaction Details - Kaspi kz completed the acquisition of 40 000 000 Class A and 173 246 220 Class B shares of Hepsiburada representing 65 41% of the total outstanding share capital of Hepsiburada [1][7] - The total consideration for the shares was approximately $1 127 million with $600 million paid in cash on the Closing Date and $526 9 million of Deferred Cash Consideration to be paid within six months [7] - Kaspi kz pledged 65 199 658 Class B shares of Hepsiburada as collateral for the Deferred Cash Consideration [7] Strategic Rationale - The acquisition expands Kaspi kz's addressable market to 100 million people aligning with its strategic priority [2] - The combined knowledge and technology of Kaspi kz and Hepsiburada will drive fast and sustainable bottom-line growth [3] - The partnership aims to advance ecommerce and digital services in Türkiye and Kazakhstan benefiting SMEs and entrepreneurs in both countries [4] Management Commentary - Mikheil Lomtadze CEO of Kaspi kz emphasized the focus on profitable growth and leveraging combined expertise for future success [3] - Hanzade Doğan Founder of Hepsiburada highlighted the alignment with Kaspi kz's mission of sustainable growth and value creation [5] Company Overview - Kaspi kz operates a unique two-sided Super App model with 14 million MAU in 2023 and 581 thousand merchant partners [8][9] - The company's Super Apps provide access to Payments Marketplace and Fintech Platforms designed to meet everyday needs [10] - Kaspi kz's business model combines a highly engaged user base best-in-class digital products and a capex lite approach resulting in strong top-line growth and profitability [11]
Kaspi.kz Completes Acquisition of Controlling Interest in Hepsiburada