Event-Driven Investment Opportunities, Special Situation Investments

Dalius Tauraitis

Event-Driven Investment Opportunities

Special Situation Investments

Focus on event-driven trades and low risk arbitrage opportunities with short term catalysts

Event-Driven

D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi / Event-Driven

D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi

<ul><li>D-Market's controlling stake is being sold to Kaspi, acquiring Class A shares at $7.57 and Class B at $4.75.</li><li>Turkish law mandates a takeover offer for minority shares, but HEPS's ADR structure exempts it from this requirement.</li><li>Activism efforts aim to increase HEPS's shareholders to 500, potentially forcing Kaspi to include minority shareholders.</li></ul>

D-Market's controlling stake is being sold to Kaspi, acquiring Class A shares at $7.57 and Class B at $4.75.Turkish law mandates a takeover offer for minority shares, but HEPS's ADR structure exempts it from this requirement.Activism efforts aim to increase HEPS's shareholders to 500, potentially forcing Kaspi to include minority shareholders.

Analyzing the Regulatory Loophole in Kaspi's Acquisition of D-Market's Controlling Stake and Potential Outcomes

<ul><li>D-Market Electronic Services &amp; Trading's (HEPS) controlling stake is being sold to Kaspi, exploiting a regulatory loophole to avoid a mandatory takeover offer.</li><li>Aker Carbon Capture (ACC:OL) sold its business, leaving a cash shell trading at a 20% discount to net cash.</li><li>Ambase (ABCP) is litigating over an Equity Put Right, with summary judgment motions scheduled, potentially impacting share price.</li></ul>

D-Market Electronic Services &amp; Trading's (HEPS) controlling stake is being sold to Kaspi, exploiting a regulatory loophole to avoid a mandatory takeover offer.Aker Carbon Capture (ACC:OL) sold its business, leaving a cash shell trading at a 20% discount to net cash.Ambase (ABCP) is litigating over an Equity Put Right, with summary judgment motions scheduled, potentially impacting share price.

Strategic Transactions and Legal Developments: HEPS, ACC:OL, ABCP, BELFB, NWOR:L, EMBRAC, AVAP:L

Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Fintech & EM-focused Analyst

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

<ul>
<li>On Oct 17th, Kaspi.kz, Kazakhstan's super-app, signed a stock purchase agreement to acquire a 65.4% stake in Hepsiburada, a leading e-commerce platform in Turkey. </li>
<li>The transaction is still subject to regulatory approval; Hepsiburada's share price in the US increased by ~60% on Friday after the announcement.</li>
<li>The acquisition makes a lot of strategic sense which would elevate Kaspi.kz to a position to target a combined market of &gt;100 million population (vs. currently 20 million).</li>
</ul>


On Oct 17th, Kaspi.kz, Kazakhstan's super-app, signed a stock purchase agreement to acquire a 65.4% stake in Hepsiburada, a leading e-commerce platform in Turkey. 
The transaction is still subject to regulatory approval; Hepsiburada's share price in the US increased by ~60% on Friday after the announcement.
The acquisition makes a lot of strategic sense which would elevate Kaspi.kz to a position to target a combined market of &gt;100 million population (vs. currently 20 million).


Kaspi.kz: Kazakhstan’s Super-App Acquiring Turkey’s E-Commerce Leader

D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi / Equity Bottom-Up

The tech sector in Turkey is at an inflection point with its large, young, and tech-savvy population. We view that the market deserves a lot more attention from global investors, especially with its tech leaders planning to be listed in the international capital markets in the next 2 - 3 years. In this note, we present one of the major e-commerce players in the country, Hepsiburada, which is in the process of developing its super-app ecosystem. The company was listed on NASDAQ in July and is the very first and only Turkish (tech) company listed in the US so far.Although we view that it might still be a bit early to play the Turkish (tech) market, Hepsiburada is worth noting and following since it offers insights to keen investors about Turkey's evolving competitive landscape in the e-commerce sector and consumer habits.

The tech sector in Turkey is at an inflection point with its large, young, and tech-savvy population. We view that the market deserves a lot more attention from global investors, especially with its tech leaders planning to be listed in the international capital markets in the next 2 - 3 years. In this note, we present one of the major e-commerce players in the country, Hepsiburada, which is in the process of developing its super-app ecosystem. The company was listed on NASDAQ in July and is the very first and only Turkish (tech) company listed in the US so far.Although we view that it might still be a bit early to play the Turkish (tech) market, Hepsiburada is worth noting and following since it offers insights to keen investors about Turkey's evolving competitive landscape in the e-commerce sector and consumer habits.  

Hepsiburada: The Very First and Only US-Listed Turkish Tech Company

Turkey

D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi (Hepsiburada) operates as an online e-commerce company. The Company offers electronic, fashion, home living, stationery, sports, outdoor, cosmetics, and personal care products. Hepsiburada serves customers in Turkey.

D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi (HEPS US)

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D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi (HEPS US)

Analyzing the Regulatory Loophole in Kaspi's Acquisition of D-Market's Controlling Stake and Potential Outcomes

D-Market's controlling stake is being sold to Kaspi, acquiring Class A shares at $7.57 and Class B at $4.75.

Special Situation Investments

Strategic Transactions and Legal Developments: HEPS, ACC:OL, ABCP, BELFB, NWOR:L, EMBRAC, AVAP:L

D-Market Electronic Services & Trading's (HEPS) controlling stake is being sold to Kaspi, exploiting a regulatory loophole to avoid a mandatory...

Special Situation Investments

Kaspi.kz: Kazakhstan’s Super-App Acquiring Turkey’s E-Commerce Leader

Kaspi.kz, Kazakhstan's super-app, to acquire a majority stake in Turkey's leading e-commerce platform, Hepsiburada, enabling it to target a >100...

Alec Tseung

Hepsiburada: The Very First and Only US-Listed Turkish Tech Company

Hepsiburada, the very first and only Turkish (tech) company listed in the US, is worth noting and following since Turkish tech is currently at an...

Alec Tseung

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Analyzing the Regulatory Loophole in Kaspi's Acquisition of D-Market's Controlling Stake and Potential Outcomes

D-Market's controlling stake is being sold to Kaspi, acquiring Class A shares at $7.57 and Class B at $4.75.

Special Situation Investments

Strategic Transactions and Legal Developments: HEPS, ACC:OL, ABCP, BELFB, NWOR:L, EMBRAC, AVAP:L

D-Market Electronic Services & Trading's (HEPS) controlling stake is being sold to Kaspi, exploiting a regulatory loophole to avoid a mandatory...

Special Situation Investments

Kaspi.kz: Kazakhstan’s Super-App Acquiring Turkey’s E-Commerce Leader

​Kaspi.kz, Kazakhstan's super-app, to acquire a majority stake in Turkey's leading e-commerce platform, Hepsiburada, enabling it to target a >100...

Alec Tseung

Hepsiburada: The Very First and Only US-Listed Turkish Tech Company

Hepsiburada, the very first and only Turkish (tech) company listed in the US, is worth noting and following since Turkish tech is currently at an...

Alec Tseung

Kaspi.kz, Kazakhstan's super-app, to acquire a majority stake in Turkey's leading e-commerce platform, Hepsiburada, enabling it to target a >100...