Trendyol gets acquired by Alibaba in a $330 million deal.

Trendyol, an Istanbul, Turkey operator of an e-commerce company, announced that it was acquired by Alibaba in a TL 2.87 billion ($330M) deal.

Post deal, Alibaba will control 86.5% of the shares and the company is valued at $11 billion. The deal was made with existing investors Tiger Global and Kleiner Perkins, as Alibaba increases its equity control it initially acquired in 2018.

Trendyol, founded in 2010 by Demet Mutlu, is one of Turkey’s best-known e-commerce platforms and started to be active in Europe in 2020 through a website to serve 27 countries, including Italy, Spain and the UK.