Foreign investors deployed USD 8.5 billion across 110 transactions in Turkey during 2025, accounting for 30% of deal count but 55% of total disclosed value. Based on Orion Capital Partners’ proprietary deal tracking, this represents the strongest year for cross-border M&A in Turkey since 2015.
The 2025 rebound is significant. Foreign deal value had declined steadily from USD 5.9 billion in 2021 to USD 4.5 billion in 2024.
A decade of foreign investment in Turkish M&A
To understand the 2025 result, it helps to see the longer trajectory. Foreign investor deal value averaged about USD 5 billion a year between 2016 and 2024, with a notable trough in 2019 (USD 3.4 billion) and a steady decline from 2022 to 2024.
The 2025 figure of USD 8.5 billion is above every year of that period, driven by three transactions of USD 1 billion or more and a broad-based recovery in mid-market deal flow.
2016-2024: Deloitte; 2025: Orion Capital Partners
Where are the buyers coming from?
The largest foreign deals were the investment in Dream Games by CVC Capital Partners (Jersey); the Turka privatisation, won by a Spanish-led consortium; Apollo’s stake in TANAP; and Uber’s acquisition of Trendyol GO. Western European buyers remained the most active foreign group by deal count with 54 transactions totalling USD 2.5 billion, consistent with the region’s historically dominant role in Turkish cross-border M&A.
Middle East and Gulf investors participated in 14 deals worth USD 276 million, predominantly through UAE-based acquirers. The CIS region, led by Azerbaijani energy investments, contributed USD 385 million across 4 deals.
USD 8.5bn Foreign deal value
- Western EuropeUSD 2,502m (29%)
- Eastern EuropeUSD 624m (7%)
- CISUSD 385m (5%)
- Middle East and GulfUSD 276m (3%)
- Asia-PacificUSD 107m (1%)
Source: Orion Capital Partners deal tracking. Shares of total foreign deal value. North America is not shown, so the bars do not add up to 100%: as published, its total counted Dream Games’ buyer, CVC Capital Partners (Jersey), as North American. Attribution here is by the primary acquirer’s country of incorporation; the 2025 review’s table attributes by the ultimate parent’s headquarters, so its regional figures differ.
The largest buyer countries
Two of the four largest deals had American buyers: Apollo invested in TANAP (USD 1.0 billion) and Uber acquired Trendyol GO (USD 700 million).
Beyond these, buyer diversity was notable. Spain (USD 1.7 billion from the Turka privatisation), Poland (USD 420 million from Benefit Systems’ acquisition of MAC Group) and Azerbaijan (USD 385 million from SOCAR energy investments) each contributed significant volumes through individual large transactions. Germany (12 deals) and the United Kingdom (10 deals) maintained consistent mid-market activity despite lower aggregate values.
| Country | Deals | Value (USD m) | % of foreign value | Avg. deal size (USD m) |
|---|---|---|---|---|
| Spain | 1 | 1,720 | 20% | 1,720 |
| Poland | 1 | 420 | 5% | 420 |
| Azerbaijan | 2 | 385 | 5% | 192 |
| France | 4 | 383 | 4% | 96 |
| Czechia | 1 | 204 | 2% | 204 |
| Belgium | 3 | 190 | 2% | 63 |
| Qatar | 2 | 145 | 2% | 73 |
| UAE | 11 | 131 | 2% | 12 |
| Hong Kong | 2 | 80 | 1% | 40 |
| United Kingdom | 10 | 79 | 1% | 8 |
| Sweden | 4 | 67 | 1% | 17 |
| Germany | 12 | 35 | <1% | 3 |
| Netherlands | 9 | 15 | <1% | 2 |
| Australia | 1 | 14 | <1% | 14 |
Source: Orion Capital Partners deal tracking. Country based on primary acquirer country of incorporation. The United States is not shown: as published, its row counted Dream Games’ buyer, CVC Capital Partners (Jersey), as American.
Top 10 cross-border deals
The ten largest cross-border transactions accounted for USD 7.5 billion, or 88% of total foreign deal value. Three deals were worth USD 1 billion or more: Dream Games, Turka and TANAP. The concentration at the top is notable but masks active mid-market deal flow, particularly in technology (31 software deals) and financial services (8 banking deals).
| # | Target | Sector | Buyer | Origin | Type | Value (USD m) |
|---|---|---|---|---|---|---|
| 1 | Dream Games | Gaming / TMT | 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 | MAC Group | Tourism & leisure | Benefit Systems | Poland | Acquisition | 420 |
| 6 | Borusan Tedarik Zinciri | Transportation | Ceva Logistics / CMA CGM | France | Acquisition | 383 |
| 7 | İç Anadolu CCGT plant | Energy | SOCAR Turkey | Azerbaijan | Acquisition | 225 |
| 8 | Bahçeci Sağlık Hizmetleri | Healthcare | FutureLife a.s. | Czechia | Acquisition | 204 |
| 9 | Tracim Çimento | Construction | Titan Cement Group | Belgium | Acquisition | 190 |
| 10 | Petlim Limancılık | Transportation | SOCAR Aliağa Liman | Azerbaijan | Acquisition | 160 |
| Top 10 total | 7,502 |
Source: Orion Capital Partners deal tracking. Top 10 cross-border deals represent 88% of total foreign 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).
Strategic and financial investors
Foreign investment in 2025 was split evenly between strategic and financial investors: 55 deals each, with financial investors contributing USD 4.3 billion and strategic investors USD 4.2 billion. The parity in value is unusual. Historically, strategic investors have dominated Turkish cross-border M&A. The shift reflects the return of major financial sponsors to Turkey after several years of limited activity.
CVC Capital Partners, Apollo and several European private equity firms drove the financial investor total. For strategic buyers, CMA CGM (logistics), Uber (delivery), Titan Cement (construction materials) and SOCAR (energy) each made significant acquisitions, reflecting the appeal of Turkish operational assets with export exposure and regional market access.
Which sectors are attracting foreign capital?
Technology, media and telecom attracted the most foreign capital by both deal count (40 deals) and value (USD 3.0 billion), anchored by the Dream Games transaction. The sector also saw 31 software deals, reflecting continued international interest in Turkey’s growing technology ecosystem.
Energy (USD 1.2 billion), consumer (USD 838 million) and transportation and logistics (USD 543 million) rounded out the top sectors by value. Healthcare saw notable cross-border activity with FutureLife’s USD 204 million acquisition of Bahçeci, signalling increasing international interest in Turkey’s private healthcare sector.
What this means for international buyers
The 2025 cross-border data tells a clear story: international investors are returning to Turkey with conviction. Competitive asset valuations relative to European peers and a deep industrial base are drawing capital from the US, Europe and the Gulf.
For buyers evaluating Turkey, several factors stand out. The average foreign deal size of USD 78 million indicates active mid-market deal flow alongside the headline transactions. Western European corporates continue to find Turkish acquisition targets with export infrastructure and regional market positions. And the 50/50 split between strategic and financial investors suggests that both trade logic and financial return profiles are working for foreign acquirers in the current environment.
The window for well-structured acquisitions at attractive valuations remains open. Domestic sellers are increasingly receptive to international partnerships, particularly where the acquirer brings technology, distribution or capital to accelerate growth.