D-Market Elektronik Hizmetler ve Ticaret A.S. (NASDAQ: HEPS), operating under the name Hepsiburada, has demonstrated resilience in the stock market, trading at $3.48, reflecting a minor decline of 0.71% as of the most recent evaluation.
This stability follows a significant upward trajectory observed in the previous trading session, during which the stock surged by an impressive 59.55%, concluding at $3.51. The notable increase in stock value can be attributed to a recent strategic development.
Strategic Stock Purchase Agreement
On October 18, 2024, D-Market Elektronik announced that its major shareholders entered into a Stock Purchase Agreement with Joint Stock Company Kaspi.kz, incorporated under Kazakhstan law. This agreement involves the acquisition of Hepsiburada’s outstanding Class A and Class B shares from the selling stockholders.
The sellers include prominent figures such as Hanzade Vasfiye Doğan Boyner, the founder of Hepsiburada, along with Vuslat Doğan Sabancı and others, who collectively hold approximately 65.41% of HEPS stock. Importantly, neither Hepsiburada nor its shareholder TurkCommerce B.V. is directly involved in this agreement.
Anticipated Changes and Business Continuity
If certain requirements specified in the agreement are met, the transaction is set to result in a change of control within Hepsiburada. Nonetheless, the business expects to maintain its operational identity and carry on operating under the Hepsiburada name.
Financial Overview and Company Growth
Hanzade Doğan founded Hepsiburada in 2000, and it has since grown to become one of Turkey’s top e-commerce sites. Prioritizing customer service, technical innovation, logistics, and a wide choice of products across many retail categories has allowed the firm to achieve impressive growth. An estimated $1,127 million will be paid in cash over the course of two installments as the entire consideration for the Kaspi deal.
The conclusion of this deal is anticipated in the first quarter of 2025, subject to customary closing conditions and regulatory clearances in Turkey. Post-transaction, both Hepsiburada and Kaspi.kz plan to maintain separate brands and operational structures, focusing on profitable growth moving forward.
