Turkey M&A · January to September 2026
Turkey M&A in 2026: a more selective market.
Fewer transactions than a year ago, at smaller prices, and one in five with a foreign buyer: the first nine months of 2026, from 255 announced transactions with a Turkish target.
- 255
- transactions with a Turkish target, January to September 2026
- 7.8
- USD bn of disclosed value, across 125 transactions
- 51
- with a foreign buyer
Takeaways
- 255 transactions with a Turkish target were announced in the first nine months of 2026, against 312 a year earlier (down 18%).
- Quarter by quarter: 83, 81 and 91 transactions.
- Disclosed value was USD 7.8bn across 125 deals; the median disclosed deal was USD 7m, against USD 10m a year earlier.
- Foreign buyers took part in 51 deals (20%), against 24% a year earlier. The United States led with 11.
- Technology, media and telecoms remained the largest sector with 68 deals, about a quarter of the total.
- Financial investors bought in 79 deals, almost one in three.
Largest transactions
The largest disclosed transactions, January to September 2026.
| Target | Buyer | Sector | Value | Date | Status |
|---|---|---|---|---|---|
| Çöpler gold mine (Anagold), 80% | Cengiz Holding Turkey | Mining | USD 1.5bn | June 2026 | Completed |
| Sanipak (Selpak, Solo), 100% | Arch Peninsula Malaysia | Consumer products | USD 600m | March 2026 | Completed |
| ASSAN Group defence business | ROKETSAN Turkey | Defence | USD 471m | July 2026 | Auction won |
| Getir food delivery (100%) and a grocery minority | Uber United States | Technology | About USD 465m | July 2026 | Completed |
| Akçansa, 39.72% | Heidelberg Materials Germany | Cement | USD 428m | June 2026 | Completed |
| Yapı Kredi Portföy, 100% | Azimut (AZ International) Italy | Asset management | TRY 16.4bn (about USD 346m) | July 2026 | Signed |
| Çayeli copper and zinc mine, 100% | Cengiz Holding Turkey | Mining | USD 340m | April 2026 | Completed |
| CarrefourSA, 89.28% | A101 (Yeni Mağazacılık) Turkey | Retail | USD 325m for 100% | August 2026 | Completed |
| Forum Mersin shopping centre, 100% | Torunlar GYO Turkey | Real estate | EUR 219m | January 2026 | Completed |
Values as published; sources are linked.
Orion view
What this means for an owner
A thinner market is a more selective one. Domestic buyers carried the year: more than three in four transactions had a Turkish acquirer. For an owner, the domestic strategic buyer is the likeliest counterparty.
A foreign buyer does not appear on its own. It is found deliberately, through people who know it, and a foreign buyer with a clear strategic reason can be the one prepared to pay the most.
Your view of the market
Read the market from where you sit.
European strategics are the most frequent foreign buyers in Turkey, and they buy for control.
141
transactions by European strategic buyers
101
of them for control of the Turkish company
29
transactions in technology, the most of any sector; 18 in industrials
By sector, since January 2023
In the market: recent public transactions
- 2026Sika CH Akkim100%
- 2025Aareon DE Apsiyon100%
- 2025Systemair SE Systemair HSK Türkiyeto 100%
- 2025Troester DE SC OtomasyonNot published
- 2023Volex GB Murat Ticaret KabloUSD 195m
Funds are in more than four of every ten Turkish transactions, mostly as minority investors.
666
transactions with a financial investor
392
of them minority stakes; 76 were acquisitions
83
with a foreign fund
By sector, since January 2023
In the market: recent public transactions
- 2026Platinum Equity US Erikli Su50%
- 2026Afendis Capital GB Sanovel İlaç65%
- 2025CVC Capital Partners JE Dream Games, venture investors’ stakesUSD 2.5bn
- 2025Apollo US BP’s TANAP holding company25%
- 2024General Atlantic US InsiderUSD 500m
Gulf and Asian buyers come for scale and platforms, most of all in technology and industry.
58
transactions with a Gulf or Asian buyer
29
from the Gulf; 29 from Asia
36
by strategic buyers, 19 by funds
By sector, since January 2023
In the market: recent public transactions
- 2026Arch Peninsula MY SanipakUSD 600m
- 2026MAIR Group AE Espressolab70%
- 2026Kansai Paint JP Polisan KansaiUSD 93m
- 2024e& AE GlassHouse100%
- 2023Qatar Investment Authority QA InsiderUSD 105m
One Turkish transaction in five has a foreign buyer; their deals are larger, and most are for control.
63
transactions with a US buyer, the largest single source of foreign buyers
25
USD m, the median disclosed deal with a foreign buyer, against USD 2.7m with a Turkish buyer
179
transactions gave the foreign buyer control
By sector, since January 2023
In the market: recent public transactions
- 2026Arch Peninsula MY SanipakUSD 600m
- 2026Heidelberg Materials DE AkçansaUSD 428m
- 2026Azimut (AZ International) IT Yapı Kredi PortföyUSD 346m
- 2025Uber US Trendyol GOUSD 700m
- 2024Kaspi.kz KZ HepsiburadaUSD 1.1bn
Source: Orion Capital Partners’ register of Turkish M&A, January 2023 to September 2026. A buyer’s country is its headquarters. Medians are of disclosed values (117 deals with a foreign buyer, 591 with a Turkish buyer).
Twenty years of Turkish M&A
In most years, half the value came from abroad.
2007 to 2008
USD19.3bn
Foreign capital leads
Deal value was USD 19.3bn in 2007, and in 2008 foreign investors supplied 85% of the year’s value.
2009
USD5.2bn
A low year
Value fell to USD 5.2bn across 101 transactions, the fewest from 2007 to 2025.
2010 to 2012
USD22bn
The twenty-year high
Value reached USD 22bn in 2012, the highest of the twenty years, with privatisations at their peak.
2013 to 2016
USD7.3bn
Smaller tickets
In 2016 value fell to USD 7.3bn while the count held at 248: buyers kept coming, with smaller tickets.
2017 to 2019
USD5.3bn
Foreign capital stays
In 2019 value was USD 5.3bn, and foreign investors supplied 64% of it.
2020 to 2022
USD11.5bn
A record count, then
Value more than doubled from 2019 to USD 11.5bn in 2022, across 415 transactions, then a record.
2023 to 2026
USD16.2bn
The highest in ten years
Value reached USD 16.2bn in 2025, the highest in ten years. 2026 to September: USD 7.8bn in disclosed prices.
2008 to 2025
13of 18 years
Half the value, from abroad
In 13 of the 18 years from 2008 to 2025, foreign investors supplied half or more of Turkish deal value.
Below 2025: 81 to 91 deals a quarter in 2026, against 103 to 105 in the first three quarters of 2025.
Most disclosed deals are below USD 25m; 21 were USD 100m or more.
9M 20269M 2025
Technology, media and telecoms remains the largest sector, followed by energy and industrials.
- Technology, media and telecoms689M 2025: 87
- Energy and natural resources379M 2025: 41
- Industrials299M 2025: 34
- Leisure and retail239M 2025: 17
- Financial services209M 2025: 26
- Real estate199M 2025: 10
- Food139M 2025: 14
- Consumer products109M 2025: 10
- Healthcare109M 2025: 16
- Chemicals99M 2025: 15
- Transport and logistics59M 2025: 13
- Business services59M 2025: 13
- Agribusiness49M 2025: 9
- Building and construction39M 2025: 7
Foreign buyers
51 deals had a foreign buyer, from 21 countries; the United States led with 11.
Point at a region or a country to see where its buyers came from.
Where foreign buyers came from, nine months of 2026 (number of transactions).
- United States11
- Germany5
- United Kingdom4
- Poland3
- Netherlands3
- Belgium3
- Italy3
- Kazakhstan2
- France2
- Japan2
- Switzerland2
- UAE2
Nine months of 2026, transactions with a foreign buyer by country
One point per transaction
January 2025 to September 2026. Wedges are sectors and distance from the centre is time; a filled star has a disclosed value (sized by value), a hollow ring does not.
Turkish buyerForeign buyerSize: disclosed valueValue undisclosedPoint at a deal to read it.
Method
Scope: announced mergers and acquisitions with a Turkish target. Angel rounds, buybacks, capital increases, exchange sales and IPOs are excluded, as are companies founded abroad by Turkish founders.
Sources: company and KAP announcements, Competition Board decisions, press and annual deal lists; Orion Capital Partners analysis. Figures to 30 September 2026.
Value: as disclosed, in USD, one value per transaction; transactions without a disclosed value count in the totals but not in the value sum.
Start with a conversation.
A first conversation is confidential and carries no obligation.