Dutch financial technology company PayU has inked an agreement to purchase Turkish rival Iyzico for $165 million.

PayU, a subsidiary of Naspers Ltd., said in a statement that the proposed acquisition of Iyzico will expand it’s exposure to Turkey’s e-commerce market.

Additionally, the transaction is anticipated to close in the next few months, subject to regulatory approval.

On completion of the deal, the Iyzico team will continue its operations in Turkey on behalf of PayU whereas the founding partners will also keep their managing positions.