Turkish Competition Authority Published the 2025 Mergers and Acquisitions Outlook Report

On 07.01.2026, the Turkish Competition Authority (Authority) published the 2025 Mergers and Acquisitions Outlook Report (Report). The Report reviews statistical data on merger, acquisition, and privatization transactions finalized by the Competition Board (Board) in 2025. Key findings highlighted in the Report are summarized below:

• In 2025, the Authority reviewed a total of 416 merger, acquisition, and privatization transactions. The number of transactions reviewed increased by approximately 33.8% compared to the previous year.
• Excluding privatizations, 162 transactions involved target companies of Turkish origin. The total transaction value reported for these transactions amounted to approximately TRY 466.113 billion (USD 11.81 billion). This transaction volume represents the highest value recorded since 2013, the year in which the mergers and acquisitions outlook reports began to be prepared, both in Turkish lira and US dollar terms.
• In addition, the total value of the 19 privatization transactions reviewed in 2025 was calculated to be approximately TRY 108.045 billion (USD 2.74 billion). Accordingly, the total transaction value for 181 transactions involving Turkish-origin companies reached approximately TRY 574.159 billion (USD 14.54 billion) in 2025.
• Among mergers and acquisitions where the target company was of Turkish origin, the highest number of transactions were recorded in the fields of “computer programming, consultancy, and related activities” and “electricity generation, transmission, and distribution,” while the highest transaction value was observed in the field of “activities of financial intermediary institutions.”
• In 2025, 55 merger and acquisition transactions involved investments by foreign investors in Türkiye-based companies. In terms of the number of transactions, Germany ranked first, followed by France.
• The total investment amount reported to be made by foreign investors within the scope of these transactions amounts to approximately TRY 277.462 billion (USD 7.03 billion). This figure reflects the real expansion observed in foreign investment volumes in 2025.
• In addition, in 2025, the Authority reviewed 219 merger and acquisition transactions carried out abroad by foreign investors. The total transaction value reported for these transactions was calculated at approximately TRY 18.854 trillion (USD 477.61 billion).
• When transactions carried out by foreign investors in Türkiye and abroad are assessed on a sectoral basis, the following sectors stood out: “publishing of software”, “computer programming, consultancy, and related activities”, “motion picture, video, and television program activities”, “activities of financial intermediary institutions,” and “manufacture of basic chemicals, chemical fertilizers and nitrogen compounds, plastics in primary forms, and synthetic rubber.”
• In 2025, the Board finalized merger and acquisition transactions on average within 10 days following the last notification date.
• Moreover, two transactions were taken into Phase II review in 2025. One of these transactions was cleared based on the commitments submitted by the parties, while the Phase II review process for the other transaction is still ongoing.