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The acquisition of Türkiye-based e-commerce platform n11 by Abu Dhabi-headquartered DMSF Holding has officially concluded, leaving PTT AVM as the only remaining large-scale domestic e-commerce platform in Türkiye.

Following approval from Türkiye’s Competition Authority, the share transfer was finalized on June 11, completing the sale process.

In a statement released by n11, the company confirmed that the acquisition process was completed after the Competition Authority granted clearance and the share transfer was executed.

‘Long-term journey’

DMSF Holding, which has entered the Turkish e-commerce market with this investment, announced plans to build on n11’s existing value and embark on what it described as “a long-term journey” to support the platform’s growth.

Established in 2013 as a joint venture between Türkiye’s Dogus Group and South Korea-based SK Group, n11 was acquired in June 2023 by Turkish delivery company Getir. In 2024, following changes in Getir’s management led by its largest investor, Mubadala, the shares of n11 were transferred to Borancili Teknoloji, a company owned by Getir co-founder Serkan Borancili.

The homepage of Turkish e-commerce platform N11 is displayed on a laptop screen, showing various product categories and promotional banners, accessed on Apr. 9, 2025. (Adobe Stock Photo)

DMSF Holding operates in a range of sectors including import-export, retail, warehousing, logistics, and real estate development.

Simon Schmid, CEO of DMSF Holding, said Türkiye continues to demonstrate rapid growth in e-commerce, technological transformation, and evolving consumer behavior.

“This investment, as a reflection of the strong growth in the market, increasing consumer interest in e-commerce, and our expectation of consolidation in the sector, demonstrates our belief in the ever-growing Turkish e-commerce market and our confidence in n11’s strength in this field,” Schmid said.

He added that DMSF Holding has full confidence in n11’s expertise and experience and will invest in the necessary infrastructure to create an ecosystem that shapes future shopping habits.

Only PTT AVM remains as major domestic player

With the transfer of n11 to UAE-based DMSF Holding, PTT AVM now stands as the only remaining major e-commerce platform still under domestic ownership in Türkiye.

In 2018, China’s e-commerce giant Alibaba acquired Trendyol, one of Türkiye’s top e-commerce companies.

A glimpse inside Hepsiburada’s Logistics Center in Kocaeli, Türkiye. (AA Photo)

Meanwhile, the majority shares of Hepsiburada have been transferred to Kazakhstan-based fintech company Kaspi.kz. The transaction includes the transfer of Group A and B shares, representing 65.4 percent ownership of Hepsiburada, at a total value of approximately $1.127 billion. Of that amount, $600 million was paid in cash upon closing, with the remaining $526.9 million to be paid within six months.

June 13, 2025 01:12 AM GMT+03:00