29 Jan 2025

Turkish Competition Board Mergers And Acquisitions Outlook Report For 2024 Has Been Published

On January 7th, 2025, the Turkish Competition Authority has published the Report prepared by the Competition Board on Mergers, Acquisitions And Privatisation Transactions in 2024 ("Report").

The remarkable data's of the Report are as follows:
  • Total number of Merger and Acquisition transactions reviewed by the Competition Board in 2024: 311

Compared to 2023's data, the number of transactions increased from 217 to 311 with an increase of 43%. In 2024, the total number of M&A transactions reviewed by the Competition Board reached the highest number of transactions in the last twelve years:
 
 

İŞLEM TARAFLARININ KÖKENİNE GÖRE İŞLEM SAYILARI (2024) /
Number of Transactions by Origin of Transaction Parties (2024)

Tarafların Tümünün Türkiye Kökenli Şirketler Olduğu İşlemler / Transactions which All Parties are Companies Originating in Turkiye.

Tarafların Tümünün Yabancı Kökenli Şirketler Olduğu İşlemler / Transactions which All Parties are Companies Originating in Foreign Countries.

Taraflarından en az bir tanesinin Türkiye ve Yabancı Kökenli Şirketler Olduğu İşlemler / Transactions which, at least, one of the parties are Companies Originating in Turkiye and Foreign Countries.

75
İşlem/Transactions

167
İşlem/Transactions

53
İşlem/Transaction
 
  • Total Number and Total Transaction Value of Merger and Acquisition transactions that involving a Turkish origin company as the target company reviewed by the Competition Board in 2024: TRY 191 BILLION 917 MILLION ($ 5.85 BILLION) WITH 131 TRANSACTIONS
     

Compared to 2023 data, the number of transactions increased from 94 to 131.
  • Total number and total transaction value of Merger and Acquisition transactions abroad among the transactions that carried out by foreigners in abroad reviewed by the Competition Board in 2024: TRY 17 TRILLION 186 BILLION ($524.35 BILLION DOLLARS) WITH 164 TRANSACTIONS
     
  • Total number and total value of transactions in which foreign investors invested in Turkish companies among the transactions examined by the Competition Board in 2024: TRY 99 BILLION 257 ($3.03 BILLION) WITH 47 TRANSACTIONS
     
  • According to the ranking of foreign investors among the transactions reviewed by the Competition Board in 2024, the most investing foreign country: NETHERLANDS with 7 transactions
     
 

BİRLEŞME VE DEVRALMALARDA YABANCI YATIRIMCILARIN BAZI ÜLKELERE GÖRE DAĞILIMLARI (2024) /

DISTRIBUTION OF FOREIGN INVESTORS IN MERGERS AND ACQUISITIONS BY SOME COUNTRIES (2024)

YABANCI ÜLKE/FOREIGN COUNTRY

İŞLEM SAYISI/THE NUMBER OF TRANSACTION

Hollanda / Netherlands

7

Fransa / France

6

Almanya / Germany

3

Birleşik Krallık / United Kingdom

3

İngiltere / England

3

Belçika / Belgium

2

Birleşik Arap Emirlikleri / United Arab Emirates

2

Güney Afrika / South Africa

2

Hindistan / India

2

İsviçre / Switzerland

2

Singapur / Singapore

2

Tayvan / Taiwan

2

Brezilya / Brazil

1

Çek Cumhuriyeti / Czech Republic

1

Çekya / Czechia

1

Dubai / Dubai

1

İrlanda / Ireland

1

İsrail / Israel

1

İsveç / Sweden

1

Kazakistan / Kazakhstan

1

Lüksemburg / Luxembourg

1

Rusya / Russia

1

Yunanistan / Greece

1
  • The average transaction value for the last twelve years in mergers and acquisitions: TRY 46 BILLION
     

The transaction volume for 2024 is above the average of the last twelve years, with a nominal manner approximately increase of 18% in Turkish Lira and a decrease of 14.5% in USD compared to the previous year.
  • The MOST invested sectors across the world in 2024:
 

SIRA NO / RANKING NO

SEKTÖR / SECTOR

1

Bilgisayar programlama, danışmanlık ve ilgili faaliyetler / Computer programming, consulting and related activities

2

Diğer gıda maddelerinin imalatı / Production of other food products

3

Parasal aracı kuruluşların faaliyetleri / Activities of monetary intermediary institutions

4

Tarımsal hammadde ve canlı hayvanların toptan ticareti  / Wholesale trade in agricultural raw materials and animals

5

Taşımacılık için destekleyici faaliyetler / Supporting activities for transportation
 
  • The economic activity area with the highest transaction value in mergers and acquisitions among the transactions reviewed by the Competition Board in 2024 that the target company is of Turkish origin: "RETAIL TRADE OUTSIDE SHOPS, STALLS AND MARKETPLACES"
  • The most common area of economic activity in mergers and acquisitions among the transactions that the target company is of Turkish origin reviewed by the Competition Board in 2024: "COMPUTER PROGRAMMING, CONSULTING AND RELATED ACTIVITIES" and "ELECTRIC ENERGY GENERATION, TRANSMISSION AND DISTRIBUTION"
  • The main fields of activity of the companies of Turkish origin that the MOST investments were made in terms of transaction volume in 2024:
     
 

SIRA NO / RANKING NO

ANA FAALİYET ALANI / MAIN FIELD OF ACTIVITY

TOPLAM İŞLEM DEĞERİ / TOTAL TRANSACTION VALUE

1

İmalat / Manufacturing

54,5 milyar TL / TRY 54.5 billion

2

Toptan ve perakende ticaret, motorlu kara taşıtlarının ve motosikletlerin onarımı / Wholesale and retail trade, repair of motor vehicles and motorcycles

52,5 milyar TL / TRY 52.5billion

3

Elektrik, gaz, buhar ve iklimlendirme üretimi ve dağıtımı / Electricity, gas, steam and air conditioning manufacturing and distribution

22,7 milyar TL / TRY 22.7 billion
 

CONCLUSION
 

As of 2024, the number of M&A transactions in Turkiye reached the highest level of the last 12 years. Among the transactions examined by the Competition Board, the most invested sectors were computer programming and retail trade, while the highest transaction volume among Turkish companies was in the manufacturing sector. Moreover, the Netherlands was the country with the highest number of transactions among foreign investors. The increase in the number of transactions reveals Turkiye's hot sectors in the M&A market and provides an opportunity to analyse the Turkish M&A market in comparison with the data of previous years.