Insights
Notes on M&A in Turkey.
What we write about mergers and acquisitions in Turkey: guides, market reviews and sector notes, each with its sources.
Articles
Acquiring a company in Turkey: what shapes the price and the timetable
Most of the companies worth buying in Turkey are not for sale. The ones that reach the table bring accounts restated for inflation, sector approvals and a Competition Board filing. What a foreign buyer should know before the first meeting.
Selling a business in Turkey: what international owners should know
Most buyers of Turkish companies are Turkish, and a global sale process may never reach them. What a group or a fund selling a business in Turkey should know about the buyers, the accounts, the approvals and the timetable before it begins.
When a fund sells in Turkey, who buys?
Since January 2023, funds selling half or more of a Turkish company have mostly sold to strategic buyers, about half of them from abroad. Funds selling a minority have mostly sold to a shareholder already in the company.
How Turkish companies are valued in M&A transactions
How buyers price a Turkish company, and what moves the multiple.
How to sell your company: a practical guide to the M&A process
The sale process step by step, from preparation to signing.
Cross-border M&A: who is buying in Turkey?
Which countries’ buyers come to Turkey, and what they buy.
2025: Turkey’s strongest M&A year in a decade
2025 by the numbers: value, sectors and the foreign buyers.
Sector notes
Technology
Sector pageEuropean software groups: buy the leader, then build
European software groups enter Turkey by buying the leader in one niche, often in two steps, and then build on it.
Payments: consolidation under licence
Turkish payment companies are bought for their licence and their merchants; every step past 10% needs the central bank’s approval, and the timetable follows it.
From funding rounds to acquisitions
Turkish technology is moving from minority rounds to control sales, and the largest are platforms bought by global strategics.
Gaming: buyers pay for proven titles
Turkish studios are valued on what their games earn worldwide; buyers pay for proven titles but tie part of the price to later results.
Energy
Sector pageSolar and wind to 2035
Turkey plans to triple its solar and wind capacity by 2035, from 39.9 GW to 120 GW; new capacity comes through state auctions, and operating plants change hands between owners.
Mines: the licence sets the value
Turkish mining assets change hands for hundreds of millions of dollars; the price follows the licence and the project’s stage, and much of it is paid in instalments or on milestones.
Regulated networks: gas distribution
Gas distribution networks are long-life regulated licences; they change hands between Turkish operators, and every step needs EPDK’s approval.
Industrials
Sector pageSupplying Europe from Turkey
European industrial groups buy Turkish manufacturers that already supply European customers, and they buy for control.
Heating, ventilation and heat pumps
European climate groups buy into Turkish ventilation and air conditioning makers in steps: a first stake, then the rest once the business has proved itself.
Machines and automation
European equipment groups buy Turkish engineering teams that already build for export: lift controls, rail bogies, robotic lines.
Consumer, food and retail
Sector pageFinancial and business services
Sector pageReal estate and construction
Sector pageGuides and tools
- MarketTurkey M&A, nine months to September 2026255 transactions, the sectors, the foreign buyers and the largest deals of the nine months.
- QuestionsM&A in Turkey: questions and answersShort answers on approvals, Competition Board thresholds, inflation accounting, valuation and who buys.
- GuideQuestions international owners ask before a saleWho buys a Turkish business? How does it run with headquarters? Which approvals, and how long?
- GuideAcquiring in Turkey: what foreign buyers askValuation under inflation, approvals, and the first conversation with a family owner.
- ToolSector by sector: who bought in TurkeyFrom our register: the buyers, their countries and the median disclosed value.
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