The Turkish Competition Authority Published the 2025 Merger and Acquisition Overview Report.

The Turkish Competition Authority (“TCA”) published its 2025 Mergers and Acquisitions Overview Report (“Report”). Through these reports published for 13 years, the TCA provides statistical information regarding mergers and acquisitions, revealing the boundaries of concentration control and economic trends in Türkiye.

The key information highlighted in the report is provided below:

• In 2025, a total of 416 transactions were decided by the TCA. This number, which corresponds to an increase of approximately 34% compared to the previous year, is the highest annual number of transactions reached since 2013. This increase in the number of transactions was driven by the impact of high inflation, which made it easier for companies to exceed merger thresholds, and by the widely implemented “technology undertaking” mechanism, which requires transactions involving the acquisition of technology undertakings to be reported to the TCA regardless of turnover thresholds. Excluding privatizations, the total value of 162 transactions where the target undertaking was of Turkish origin was realized as approximately 466.1 billion TRY (11.81 billion USD). This value is the highest value recorded since 2013 in terms of both TRY and USD.

• In the same period, the total value of 19 privatization transactions reviewed was approximately 108 billion 45 million TRY (2.74 billion USD). Within this scope, the total transaction value projected in 181 transactions for Turkish-origin companies in 2025 hovered around 574 billion 159 million TRY (14.54 billion dollars). These privatization transactions relate to various sub-branches of the sectors “generation, transmission and distribution of electric power,” “wholesale of household goods,” and “manufacture of wiring and wiring devices ”In 2025, among the mergers and acquisitions where the target undertaking was of Turkish origin, the highest number of transactions was in the field of “computer programming, consultancy and related activities” with 25 units ; the highest transaction value was realized in the field of “activities of monetary intermediaries.”

• In 2025, it was projected that foreign investors would invest in Turkish-origin companies in 55 separate merger and acquisition transactions. In terms of the number of transactions, Germany took first place with 9 transactions, while France-origin investors followed in second place with 6 transactions. Foreign investors invested a total of 277.4 billion TRY (7.03 billion USD) in Türkiye in 55 different transactions.

• Furthermore, the examination of 226 transactions where the target company was abroad but subject to the Turkish Competition Board’s approval due to Turkish turnovers shows that the TCA’s "supervisory" role in global merger traffic is increasing.

  
  

• Within this framework, the general table according to transaction types was formed as follows:

Transaction Category	Number of Transactions	Total Value (Billion TRY)
Türkiye-Targeted Transactions	162	466,1
Privatization Transactions	19	108,0
Foreign-Based Transactions	226	18.850,0
TOTAL	416	~19.424,1

• The Report states that the transactions were concluded within an average of 10 days from the date all information, documents, and answers requested by the TCA were submitted to the Authority. However, the Report does not take into account the periods passing for answering the information requests frequently sent by the TCA to the transaction parties and third parties, and the Report does not contain data on the time elapsed between the first application date to the TCA and the date the application was decided.

• Finally, 2 transactions were taken into Phase II review in 2025, and one of the transactions was allowed in line with the commitments submitted by the parties. The Phase II review process is ongoing for the other transaction.

AUTHORS

Lara Bayrakdar

Ahmet Çağrı Kılınç