TÜRKIYE Trends and Developments Contributed by: Ümit Hergüner, Deniz Tuncel and Destina Bilimli, Hergüner Bilgen Üçer Attorney Partnership
Expectations for 2026 Activity data for 2025 suggests that the Turkish M&A market has moved beyond a short-lived rebound and entered a more structurally supported phase. The increase in transaction value was not driven by a single, standalone transaction but, instead, reflected broader participation across sectors and investor pro - files. This more diversified and volume-driven deal flow points to a gradual rebuilding of confidence and a transactional environment that is growing in efficien - cy. Against this backdrop, M&A activity in Türkiye is expected to remain broadly stable in 2026. The market will nevertheless continue to operate with - in a complex macroeconomic and geopolitical setting. Domestic factors, including the inflation trajectory, monetary policy direction and exchange rate stabil - ity, will remain central to valuation discussions and financing availability. At the same time, geopolitical developments, including ongoing regional conflicts and broader global tensions, may lead to volatility in international capital markets. This could affect global financing conditions and investor sentiment, which, in turn, may influence transaction timing, pricing dynam - ics and cross-border deal appetite. From a sectoral perspective, strategic interest is likely to remain concentrated in technology, renewable and sustainable energy, healthcare, infrastructure and industrial production. Türkiye’s gaming ecosystem, in particular, continues to stand out as a globally com - petitive segment capable of attracting international strategic purchasers and growth investors. Energy transition initiatives, digital transformation projects and selective consolidation in regulated industries are also expected to sustain deal flow, particularly where regulatory frameworks provide visibility and predict - ability. Foreign participation is expected to remain a defining feature of the Turkish M&A landscape. European as well as US-based strategic investors, together with private equity funds, are likely to continue pursuing platform investments, add-on acquisitions and struc - tured minority positions. Regulatory review processes, including competition clearances and sector-specific approvals, will remain key execution considerations
shareholder level movements in strategic transmission assets. Financial Services and Banking The financial services sector was marked by one of the most notable cross-border ownership changes of the year. ADQ, the Abu Dhabi-based sovereign inves - tor, acquired Odeabank, representing a significant for - eign investment into Türkiye’s banking sector. This transaction highlighted continued foreign par - ticipation in financial institutions and reflected the relevance of Türkiye’s banking assets within broader regional investment strategies. Beyond traditional banking, fintech and digital payment ecosystems remained aligned with broader technology-driven transaction dynamics observed in 2025. Consumer, Retail and Beverages Consumer-facing businesses accounted for a signifi - cant portion of disclosed transaction value in 2025. Market data indicates that the retail sector contributed approximately 40% of total disclosed deal volume during the year, reflecting sustained consolidation and strategic investment in branded consumer platforms. In the alcoholic beverages segment, Tuborg’s acqui - sition of a controlling stake in Topkapı İçecek, a rakı manufacturer, reflected continued strategic position - ing in the premium segment. The transaction was cleared by the Turkish Competition Authority and marked Tuborg’s first entry into the rakı market. Cross-border activity in membership-based lifestyle services was evident in 2025 when Poland-based Benefit Systems S.A. reached an agreement to acquire MACFit, one of Türkiye’s largest fitness club networks with 121 locations, in Q2 2025, for approxi - mately USD420 million. Consumer services transactions also featured cross- border strategic participation, particularly in lifestyle, membership-based and platform-oriented business models. Retail and consumer-facing businesses con - tinued to adapt to evolving consumption patterns, with logistics integration and digital distribution mod - els forming part of transaction strategies.
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