05:03 AM EST, 01/29/2025 (MT Newswires) -- Kaspi.kz (KSPI) said Wednesday it has completed its $1.13 billion acquisition of a controlling interest in Hepsiburada (HEPS), a Turkish e-commerce platform.

The acquisition has already received regulatory and shareholder approvals, the company said.

Kaspi.kz said it has acquired 40 million class A shares and 173.2 million shares of the company from a group of sellers including Hanzade Dogan, founder of Hepsiburada.

The Kazakh company said $600 million of the acquisition was paid in cash on the closing date while $526.9 million will be paid as a deferred cash consideration with 65.2 million class B shares pledged as collateral.