TÜRKIYE Trends and Developments Contributed by: Ümit Hergüner, Deniz Tuncel and Destina Bilimli, Hergüner Bilgen Üçer Attorney Partnership
periods characterised by sharp exchange-rate move - ments, the year demonstrated a relatively more sta- ble valuation environment. While pricing negotiations remained cautious and disciplined on both purchaser and seller sides, the decline in short-term volatility allowed the execution of transactions previously been put on hold due to pricing uncertainty. Regulatory activity remained significant. The Turkish Competition Authority’s 2025 M&A Overview Report states that the Competition Board reviewed 416 merg - ers, acquisitions, and privatisations during the year – the highest annual figure recorded since reporting began in 2013. Of these, 162 transactions involved target companies established in Türkiye, with a com - bined disclosed transaction value of approximately TRY466.1 billion (about USD11.81 billion). When pri - vatisation transactions are included, the number of deals concerning Turkish targets totals 181, with an aggregate value of approximately TRY574.2 billion (about USD14.5 billion). The increase in reviewed transactions reflects both higher deal activity and continued regulatory over - sight. Foreign-to-foreign transactions notified in Tür - kiye further demonstrate the practical reach of Turkish merger control rules and their relevance for cross-bor - der structures. Sustainability and compliance considerations also remained embedded in transaction planning and structuring. European reporting and due diligence frameworks continued to influence Turkish companies with international exposure, resulting in environmental and governance matters being addressed more sys - tematically during due diligence processes. Investment incentives and sector-specific support mechanism, particularly in renewable energy, technol - ogy and infrastructure, continued to support invest - ment decisions. Administrative practices concerning foreign investment reporting and sectoral approvals evolved gradually, contributing to greater procedural clarity for cross-border investors. While global economic conditions and the local mac - roeconomic and regulatory landscape remained con -
voluted, a significant increase in transaction activity was recorded during 2025. Role of Foreign Investors Foreign investors maintained an active presence in Türkiye’s M&A market in 2025. Cross-border transac - tions were observed across manufacturing, energy, consumer services and technology sectors, reflect - ing continued international engagement with Turkish assets. Foreign acquirers formed a meaningful portion of merger control filings. In addition to acquisitions of Turkish targets, foreign-to-foreign transactions lead - ing to permanent change of control and exceeding the relevant turnover thresholds continued to require notification, underlining the extraterritorial dimension of Turkish merger control rules. European investors remained visible, particularly in sectors integrated with European supply chains, including industrial production and renewable ener - gy. US-based investors demonstrated activity in life sciences and digital platforms, in particular, while investors from the Gulf tended to focus on consumer goods, logistics and infrastructure-related assets. Foreign participation in 2025 was generally char - acterised by structured transaction processes and careful regulatory sequencing. Detailed due diligence processes remained standard practice, particularly in highly-regulated sectors. Role of Financial Investors Financial investors continued to participate across multiple industries in 2025. Private equity funds were involved in growth-stage investments, add-on acqui - sitions and structured minority transactions, alongside traditional buyout structures. Joint ventures and strategic partnerships also formed part of the transaction mix. Valuation discipline endured, with earn-out mechanisms and deferred consideration structures frequently incorporated into deal terms. Venture capital activity continued to include both new investments and follow-on funding rounds in existing
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