Chinese e-commerce giant Alibaba invested in Trendyol, one of Turkey’s leading e-commerce platforms, in June. The process of securing Competition Authority approval concluded today: Approval has been given for Alibaba to take over Trendyol.
The financial aspects of the acquisition are being kept under wraps. Alibaba's acquisition is important not only because it demonstrates the company's commitment to going global, but also because it is an investment made by world's largest internet companies.
Alibaba and Trendyol are going to work together to accelerate the growth and strengthen the presence of Trendyol in Turkey. Alibaba will share its knowledge and experience in technology, e-commerce, mobile payments, logistics and international trade with Trendyol.
The acquisition was announced on the Competition Authority's website today. The Competition Authority's announcement says:
Permission has been given for sole control of DSM Group Consultancy, Communications and Sales Trading Company to be taken over by Alibaba.com Singapore E-Commerce Private Limited.