Decoding Turkey’s 2024 M&A Activity: Sectoral Highlights and Foreign Investment Dynamics

The landscape of mergers, acquisitions, and divestitures in Turkey remained dynamic throughout 2024. The latest report published by the Turkish Competition Authority (Rekabet Kurumu) provides a clear overview of the activity in this area. Looking at the figures, we see that a total of 311 merger, acquisition, and privatization transactions were reviewed by the Competition Authority in 2024. A significant portion of these transactions, 131 to be precise, targeted companies with Turkish origins. It’s worth noting that the total value of these transactions reached a substantial figure of approximately 192 billion TL (roughly 5.86 billion USD). When we include privatization transactions, this figure rises to 223 billion TL (approximately 6.81 billion USD).

So, which sectors experienced the most activity? According to the report, the “computer programming, consulting, and related activities” sector led the way with 23 transactions. This demonstrates the dynamism of the technology sector and its continued attraction for investors. When we look at transaction value, the “retail trade, except for stores, stalls, and marketplaces” sector tops the list, revealing the continued potential of the retail sector. The manufacturing sector also holds a significant place in terms of both transaction volume and value. Particularly in transactions involving Turkish-origin companies, the manufacturing sector stands out with a transaction volume of 54.5 billion TL. Wholesale and retail trade, energy, and air conditioning are among the other prominent sectors.

On the privatization front, six transactions were reviewed in 2024. These privatizations were generally concentrated in the energy, culture-arts-entertainment, and manufacturing sectors. The highest-value privatization transaction took place in the culture, arts, entertainment, and sports sector.

Foreign investors continue to show interest in Turkey. In 2024, foreign investors planned to invest in Turkish-origin companies in 47 separate merger and acquisition transactions. Investors originating from the Netherlands and France are prominent among these investors. The total investment amount by foreign investors in these transactions is estimated to be approximately 99 billion TL (approximately 3.03 billion USD).

According to the Turkish Competition Authority’s data, the average time for concluding transactions is 12 days, which demonstrates the Authority’s efficiency and speed. This is a positive signal for investors.

2024 was a very active year for mergers, acquisitions, and privatizations in Turkey. The technology, retail, and manufacturing sectors were particularly in focus for investors. Foreign investor interest also continued. Thanks to the effective work of the Competition Authority, transactions were concluded quickly. These developments once again reveal the dynamism and investment potential of the Turkish economy.

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