We previously reported in our sister publication that Hepsiburada.com, the e-commerce leader in Turkey, had struck a deal with The Abraaj Group for the sale of 20% stakes to the multinational investment company. We have come across today an announcement on the official website of the Competition Authority of Turkey, revealing that the agreement has already been finalized and awaits the approval of the Authority.
We also heard that the amount of shares to change hands may be as high as 20%, with a total market valuation of $430 million for the Turkish e-commerce site.
The statement on the Competition Authority is titled “D-Market Elektronik Hizmetler ve Tic. A.Ş.’de TurkCommerce B.V.’ye yapılacak pay devrine izin verilmesi” (or, About Permission on the Share Transfer from D-Market Elektronik Hizmetler ve Tic. A.Ş. to TurkCommerce B.V.)
Following a short research with the international trade registers, we found out that some founders of the Netherlands-based TurkCommerce B.V. are also senior executives and partners at the Abraaj Group. Both companies have not yet confirmed the deal and, honestly, information on the figures in particular may be a bit on the blurry side. However, the investment will certainly secure a place among the highest valued transactions in Turkish internet industry in recent times.
Abraaj Group is a pioneering private equity firm who mostly invest in the growth markets of Asia, MENA and Turkey. The company backs promising startups as well as established businesses in 20 sectors, including tech, health, insurance and real estate. It employs over 300 people around the world who operates assets that totaled $7.5 billion in 2013.