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On 7 January 2026, the Turkish Competition Authority published the 2025 Mergers and Acquisitions Outlook Report (the "Report"). The Report sets data regarding merger, acquisition and privatization transactions that were concluded by the Competition Authority in 2025.
It should be noted that the data contained in the Report covers only those transactions that were finalized by the Competition Authority. Transactions that were notified in 2025 but have not yet been concluded are not included in the Report.
The merger and acquisition transactions reviewed by the Competition Authority between 2020 and 2025 are presented below:
Mergers and Acquisitions Where the Target Company Is Incorporated in Türkiye: Of the 416 merger and acquisition transactions examined by the Competition Authority in 2025, 162 concerned target companies incorporated in Türkiye. The aggregate transaction value of these notified transactions amounts to TRY 466,113,000,000. This figure covers only those filings excluding privatization transactions for which the transaction value was disclosed. No transaction value information is available with respect to 3 filings.
Privatizations: The aggregate value of the 19 privatization transactions reviewed by the Competition Authority in 2025 amounts to approximately TRY 108,045,000,000.
Mergers and Acquisitions Where the Target Company is Incorporated Abroad: In 2025, 226 of the transactions reviewed by the Competition Authority concerned mergers and acquisitions involving target companies incorporated abroad. The aggregate notified transaction value of these transactions amounts to TRY 18,882,000,000,000. Nine transactions were classified as out of scope on the basis that they did not give rise to a change of control.
Findings Concerning the Transaction Parties: Of the 416 merger and acquisition transactions, all parties were of Turkish origin in 95 transactions, whereas in 219 transactions all parties were foreign. In 74 transactions, both Turkish and foreign parties were involved.
According to the Report, the number and aggregate value of transactions in Türkiye, categorized by the origin of the transaction parties, are set out below for the years 2024 and 2025.
According to the Report, the number and aggregate value of overseas transactions, broken down by the origin of the transaction parties, are set out below for the years 2024 and 2025.
In 2025, foreign investors invested in Turkish companies through 55 separate merger and acquisition transactions. Germany ranked first with 9 transactions, followed by France with 6 transactions. The total amount of investment envisaged by investors in these 55 transactions is approximately TRY 277,462,000,000. A comparison of the countries of origin of investors in transactions concerning Türkiye for the years 2024 and 2025 is set out below.
In merger and acquisition transactions concerning Türkiye in 2025:
- Sector with the highest number of transactions: "Computer programming, consultancy and related activities" and "Electricity generation, transmission and distribution."
- Sector with the highest aggregate transaction value: "Activities of monetary intermediation institutions."
- Sector with the highest transaction volume: "Wholesale and retail trade; repair of motor vehicles and motorcycles" (TRY 110.7 billion; 24 transactions in total).
- Second highest transaction volume: "Financial and insurance activities" (TRY 95.9 billion; 9 transactions in total).
- Third highest transaction volume: "Manufacturing" (TRY 92.7 billion; 55 transactions).
With respect to privatizations in 2025, the highest single transaction value was recorded in the field of "Electricity generation, transmission and distribution," amounting to TRY 54,630,000,000. According to information compiled from notification forms and publicly available sources, the total transaction value arising from these tender processes reached approximately TRY 108,045,000,000.
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