In 2025 Turkey’s M&A market had its strongest year since 2015, with deal value reaching USD 16.2 billion across 450 announced transactions (Deloitte). That is a 91% increase on 2024 (USD 8.5 billion across 423 transactions). The last year with a higher total was 2015, at USD 16.4 billion.
Deloitte’s annual totals include its estimates for transactions whose values were not disclosed.
A decade of Turkish M&A activity
To appreciate the scale of 2025, it helps to view the recent trajectory. Annual deal values ranged between USD 5.3 billion and USD 11.5 billion from 2019 through 2024. The 2025 result breaks decisively out of that range.
2016-2024: Deloitte; 2025: Orion Capital Partners
What drove the surge
Privatisations returned at scale. Ten privatisation transactions contributed USD 4.1 billion in disclosed value. The largest was the Turka vehicle inspection network, acquired by a Spanish-led consortium for USD 1.7 billion. Other significant disposals included the Çayırhan thermal power complex (USD 549 million), Fenerbahçe Kalamış Marina (USD 504 million), the Aydınlı apparel group (USD 492 million) and HES Kablo (USD 451 million).
Cross-border appetite intensified. Foreign investors participated in 110 transactions, accounting for 30% of deal count but 55% of total disclosed value (USD 8.5 billion). The concentration of value in foreign-led deals reflects continued international appetite for Turkish assets with export exposure, competitive cost structures and regional market access.
Strategic buyers dominated. Strategic investors accounted for 60% of total deal value (USD 9.4 billion across 206 deals), while financial investors contributed 40% (USD 6.2 billion across 165 deals). The split reflects the attractiveness of Turkish operational assets to trade buyers seeking regional scale.
Top 10 deals of 2025
| # | Target | Sector | Buyer | Buyer origin | Type | Value (USD m) |
|---|---|---|---|---|---|---|
| 1 | Dream Games | TMT / gaming | CVC Capital Partners | Jersey | Venture investors’ stakes | 2,500 |
| 2 | Turka (vehicle inspection) | Services | MOI Ortak Girişim | Spain | Privatisation | 1,720 |
| 3 | TANAP pipeline | Energy | Apollo Global Management | United States | Minority stake | 1,000 |
| 4 | Trendyol GO | Consumer / delivery | Uber Technologies | United States | Acquisition | 700 |
| 5 | Çayırhan Power & Lignite | Energy | Akçadağ İnşaat | Turkey | Privatisation | 549 |
| 6 | Fenerbahçe Kalamış Marina | Retail / leisure | Koç Holding (Tek-Art) | Turkey | Privatisation | 504 |
| 7 | Aydınlı Hazır Giyim | Consumer / apparel | HRK Holding | Turkey | Privatisation | 492 |
| 8 | Doğu Biga Madencilik | Mining & metals | Tümad Madencilik (Nurol) | Turkey | Acquisition | 470 |
| 9 | HES Kablo | TMT / electronics | Nakkaş Holding | Turkey | Privatisation | 451 |
| 10 | MAC Group | Tourism & leisure | Benefit Systems | Poland | Acquisition | 420 |
| Top 10 total | 8,806 |
Source: Orion Capital Partners deal tracking. The top 10 deals represent more than half of total disclosed deal value in 2025. Dream Games raised about USD 2.5 billion of debt and equity; CVC Capital Partners became its sole equity investor and bought out the venture investors (Bloomberg, 1 May 2025).
Sector breakdown
Technology, media and telecom was the most active sector by deal count, with 100 transactions; by value, the Dream Games transaction stood out. Energy and real estate each contributed 28 deals. The diversity of sector activity reflects Turkey’s broad industrial base and the range of entry points available to investors.
| Sector | Deals | % of total | Value (USD m) | % of value |
|---|---|---|---|---|
| Technology, media & telecom | 100 | 27% | 3,811 | 24% |
| Energy | 28 | 8% | 2,112 | 14% |
| Services | 5 | 1% | 1,728 | 11% |
| Consumer | 20 | 5% | 1,577 | 10% |
| Real estate & construction | 28 | 8% | 1,241 | 8% |
| Agriculture & food | 20 | 5% | 843 | 5% |
| Tourism & leisure | 10 | 3% | 819 | 5% |
| Retail & wholesale | 13 | 4% | 663 | 4% |
| Healthcare | 15 | 4% | 642 | 4% |
| Mining & metals | 13 | 4% | 576 | 4% |
| Chemicals & industrials | 45 | 12% | 571 | 4% |
| Transportation & logistics | 15 | 4% | 560 | 4% |
| Financial services | 32 | 9% | 350 | 2% |
| Automotive | 13 | 4% | 47 | <1% |
| Other | 14 | 4% | 49 | <1% |
| Total | 371 | 100% | 15,588 | 100% |
Source: Orion Capital Partners deal tracking. Sectors classified by primary business activity of the target company.
Buyer origin and cross-border activity
Foreign investors accounted for 30% of transactions by count but 55% of total disclosed value, reflecting the concentration of larger deals among international buyers. Western European investors were the most active foreign buyer group, with 54 transactions worth USD 3.3 billion.
| Buyer region | Deals | % of total | Value (USD m) | % of value | Key buyers |
|---|---|---|---|---|---|
| Turkey (domestic) | 261 | 70% | 7,054 | 45% | Akçadağ, Saat&Saat, Nakkaş, Nurol |
| Western Europe | 54 | 15% | 3,331 | 21% | Spain, France, Belgium, UK, Germany |
| Eastern Europe | 3 | 1% | 661 | 4% | Poland (Benefit Systems) |
| CIS | 4 | 1% | 410 | 3% | Azerbaijan |
| Asia-Pacific | 10 | 3% | 111 | 1% | Hong Kong, Japan, China |
| Undisclosed / other | 15 | 4% | 843 | 5% | UAE, Qatar, multi-country |
| Total | 371 | 100% | 15,588 | 100% |
Source: Orion Capital Partners deal tracking. Buyer origin based on ultimate parent company headquarters. The North America row is not shown, so the rows do not add up to the total: as published, it counted Dream Games’ buyer, CVC Capital Partners (Jersey), as North American.
What this means for international buyers
The data underscores Turkey’s position as one of the most active M&A markets in the emerging world. For international strategic buyers and financial sponsors, Turkey offers a combination of competitive asset valuations, a diversified industrial base and a strategic geographic position bridging Europe, the Middle East and Central Asia. Export-oriented companies with established market positions are increasingly available across technology, industrials, healthcare and consumer sectors.
The current environment favours well-prepared buyers. Domestic sellers are increasingly open to international partnerships and exits. Early engagement and local advisory support are critical to accessing the best opportunities before competitive processes narrow the field.