TÜRKIYE Trends and Developments Contributed by: Ümit Hergüner, Deniz Tuncel and Destina Bilimli, Hergüner Bilgen Üçer Attorney Partnership
portfolio companies. Technology-driven and innova - tion-focused sectors continued to attract financial investor interest. Digital transformation themes – including generative AI and infrastructure-related investments – featured in industry-wide acquisition strategies. Digital capa - bilities and data assets were increasingly scrutinised by investors as part of due diligence and valuation assessments. Such elements may now also impact certain deal-structuring considerations as well as post-completion integration planning. Overall, financial investor participation in 2025 remained sustained across diverse transaction struc - tures and industries. Sectoral Trends and Notable Transactions The technology, energy and consumer services sec - tors – particularly retail, consumer platforms and food and beverages – were among the principal drivers of M&A activity in 2025. The year also saw several material cross-border transactions in the consumer services and technology segments. In the technology space, Dream Games, the developer of Royal Match and Royal Kingdom, completed a growth financing round valuing the company at approximately USD2.75 billion, underlining continued international investor appetite for globally scalable Turkish gaming assets. Technology and Digital Transformation One of the most active parts of the market was the technology, media and telecommunications (TMT) sector. According to market data, TMT had the most deals of any sector in 2025, with 303 transactions. About 80% of these involved financial investors, which shows that financial investor-backed capital is still important in the technology ecosystem. Transaction activity included interactive entertain - ment, digital marketplaces, and on-demand service platforms. On that note, Dream Games, the developer of popu - lar mobile games Royal Match and Royal Kingdom, finished a round of growth financing in the gaming sector which valued company at about USD2.75 bil - lion. The deal showed that investors are still interested
in gaming companies from Türkiye that can expand worldwide. Platform consolidation was also seen in on-demand services. Uber bought 85% of Trendyol’s food delivery business for about USD700 million. This deal repre - sents one of 2025’s landmark transactions, highlight - ing the consolidation of on-demand services, logistics networks, and e-commerce platforms. In the industry as a whole, the primary reasons for acquisitions remain: (i) scalable digital infrastructure; (ii) expanding the user base; and (iii) and data-driven monetisation models. Energy and Infrastructure Energy and infrastructure transactions featured promi - nently in 2025, spanning downstream fuel distribu - tion and cross-border energy transport assets. In the downstream segment, the merger between BP Tur - key and Petrol Ofisi was completed early in the year, in February. Pursuant to the transaction, BP Turkey was dissolved, and all of its rights and obligations, as well as its distribution license, were transferred to Petrol Ofisi. As a result, Petrol Ofisi continues to oper - ate former BP fuel stations under its own brand, with the rebranding process expected to be completed by Q4 2026. This transaction represented a significant consolidation within Türkiye’s fuel retail and terminal operations market. Beyond downstream fuel distribution, energy infra - structure assets also attracted transactional interest during 2025. A noteworthy example was the sale of a 25% non-controlling stake in BP Pipelines (TANAP) Limited (the entity holding BP’s 12% interest in the Trans-Anatolian Natural Gas Pipeline) for approxi - mately USD1 billion to Apollo-managed funds. For context, TANAP spans almost 1,800 kilometres across Türkiye and forms the central section of the South - ern Gas Corridor, linking Caspian gas resources to European markets. This transaction reflected ongoing financial investor participation in long-term, regulated cross-border energy infrastructure. Taken together, developments in 2025 demonstrated activity across different layers of the energy value chain, combining domestic market consolidation with
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