Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, risks related to the following: our ability to realize the benefits of the transactions contemplated by the Agreement; our ability to attract sufficient new customers, engage and retain our existing customers or sell additional functionality, products and services to them on our platforms; our ability to maintain and improve the network effects of our Super App business model; our ability to improve or maintain technology infrastructure; our ability to successfully execute the new business model and reach profitability of the e-Grocery operations; our ability to partner with sufficient new merchants or maintain relationships with our existing merchant partners; our ability to effectively manage the growth of our business and operations; developments affecting the financial services industry; our brand or trusted status of our platforms and Super Apps; our ability to retain and motivate our personnel and attract new talent, or to maintain our corporate culture; our ability to keep pace with rapid technological developments to provide innovative services; our ability to implement changes to our systems and operations necessary to capitalize on our future growth opportunities; changes in relationships with third-party providers, including software and hardware suppliers, delivery services, credit bureaus and debt collection agencies; our ability to compete successfully against existing or new competitors; our ability to integrate acquisitions, strategic alliances and investments; our ability to adequately obtain, maintain, enforce and protect our intellectual property and similar proprietary rights; evolving nature of Kazakhstan’s legislative and regulatory framework; our ability to obtain or retain certain licenses, permits and approvals in a timely manner; our ability to successfully remediate the existing material weaknesses in our internal control over financial reporting and our ability to establish and maintain an effective system of internal control over financial reporting; dependence on our subsidiaries for cash to fund our operations and expenses, including future dividend payments, if any; and risks related to other factors discussed under Item 3.D.
ALMATY, Kazakhstan, Jan.29, 2025 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz ("Kaspi.kz”) (NASDAQ: KSPI) has announced that it has completed its acquisition (the "Transaction”) of 40,000,000 Class A and 173,246,220 Class B shares (collectively, the "Shares”) of D-Market Electronic Services & Trading ("Hepsiburada”) (NASDAQ: HEPS) pursuant to the Stock Purchase Agreement (the "Agreement”) entered into on 17 October 2024 among Kaspi.kz and a group of sellers including Hanzade Doğan, the founder and controlling shareholder of Hepsiburada, Vuslat Doğan Sabancı, Begüm Doğan Faralyalı, Arzuhan Doğan Yalçındağ and Işıl Doğan (the "Sellers”).
As a result of the Transaction, Kaspi.kz has become the controlling shareholder of Hepsiburada effective 29 January 2025 (the "Closing Date”), with the Shares representing 65.41% of the total outstanding share capital of Hepsiburada as of the date of the Agreement.Kaspi.kz purchased the Shares for total consideration of approximately $1,127 million, of which $600 million was paid in cash to the Sellers on the Closing Date, and $526.9 million of Deferred Cash Consideration (as defined in the Agreement) will be paid to the Sellers in cash no later than six months after the Closing Date.
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