Nasdaq’s Turkish giant Hepsiburada announces new chairman after $1B acquisition
The large digital billboards display Hepsiburada's promotional messages during its Nasdaq debut in Times Square, New York, on July 1, 2021. (Photo via zincirmagazalar.org)
Türkiye-based e-commerce giant Hepsiburada (NASDAQ: HEPS) has announced that Mikheil Lomtadze, the CEO of Kazakh technology company Kaspi.kz, has been appointed as the company’s first chairman following the completion of a $1.1 billion acquisition deal.
The company stated that Lomtadze was elected as chairman during the general assembly meeting held on Jan. 31.
“We founded Kaspi.kz with the aim of developing innovative, life-enhancing, and world-class digital services to improve people’s daily lives. Today, we continue to develop our services as if we are doing it for our families, friends, and loved ones. We strive to ensure that everyone around us feels proud of what we do,” said Lomtadze, expressing his gratitude to Hanzade Dogan, the former chair and founder of Hepsiburada.
Lomtadze highlighted Türkiye’s vast potential, citing its population of over 85 million, strong entrepreneurial spirit, and rich trade culture as key factors that provide a solid foundation for Hepsiburada’s long-term success.
Kaspi.kz’s $1B acquisition of Hepsiburada
On Oct. 17, Kazakhstan-based technology company Kaspi.kz reached an agreement with Turkish Dogan Holding to acquire a 65.4% stake in Hepsiburada for $1.1 billion. The transaction was finalized on Jan. 29, with Hepsiburada notifying Nasdaq of the completion of the share transfer.
Founded in 2000, Hepsiburada has been listed on the NASDAQ technology exchange since Jul. 1, 2021. As one of Türkiye’s largest e-commerce platforms, it achieved ₺68.3 billion ($1.89 billion) sales volume in the third quarter of 2024.
