The Turkish Competition Authority has published its 2025 Mergers and Acquisitions Outlook Report, revealing a remarkable increase in both the number and value of merger and acquisition transactions reviewed during the year.
According to the Report, a total of 416 merger and acquisition transactions were examined by the Authority in 2025. Excluding privatisation transactions, 162 of these transactions involved target companies incorporated in Türkiye. The aggregate transaction value reported for these Türkiye-based target transactions amounted to TRY 466.113 billion (USD 11.81 billion), marking the highest level recorded since the Outlook Reports began to be published in 2013, both in Turkish lira and US dollar terms.
When 19 privatisation transactions reviewed during the year are taken into account, the total transaction value of such privatisations reached TRY 108.045 billion (USD 2.74 billion). Accordingly, the overall transaction value of 181 transactions involving Türkiye-based companies increased to approximately TRY 574.159 billion (USD 14.54 billion) in 2025.
A significant portion of the transactions reviewed in 2025 consisted of mergers and acquisitions where the target company was incorporated abroad. In this context, 226 transactions were assessed, with a reported total transaction value of TRY 18.882 trillion (USD 478.31 billion). Nine transactions were excluded from the scope of review as they were found not to result in a change of control.
In terms of the origin of the transaction parties, out of the 416 transactions reviewed in 2025, 95 involved exclusively Turkish parties, 219 involved exclusively foreign parties, and 74 transactions involved both Turkish and foreign parties. Excluding privatisation transactions and out-of-scope cases, the total transaction value of deals conducted solely between Turkish companies amounted to TRY 166.384 billion (USD 4.21 billion). Transactions involving only foreign parties reached a total value of TRY 18.857 trillion (USD 477.69 billion), while transactions involving both Turkish and foreign parties amounted to TRY 323.978 billion (USD 8.21 billion).
The Report also provides a detailed overview of foreign investment trends in 2025. Accordingly, 55 merger and acquisition transactions involved foreign investors acquiring stakes in Turkish companies. In terms of the number of transactions, Germany-based investors ranked first, with participation in nine transactions. The total investment value reported by foreign investors in these transactions amounted to TRY 277.462 billion (USD 7.03 billion), corresponding to approximately 48.3% of the total transaction value of deals involving Türkiye-based target companies in 2025.
From a sectoral perspective, transactions involving Türkiye-based target companies were most frequently observed in the computer programming, consultancy and related activities sector, while the highest transaction value was recorded in the financial intermediation activities sector. As regards privatisation transactions, the highest transaction value was observed in the generation, transmission and distribution of electricity sector.
Another notable aspect highlighted in the Report concerns review periods. In 2025, all merger and acquisition transactions notified to the Turkish Competition Authority were finalised on average within 10 days from the date of complete notification.
The data relating to 2025 indicate that the merger and acquisition market experienced a high-volume year in terms of both transaction numbers and values, albeit with activity concentrated in certain sectors and transaction types. While the fact that transactions involving Türkiye-based companies reached their highest transaction volume since 2013 demonstrates that M&A appetite remains strong, the concentration of foreign investments in a limited number of high-value transactions suggests that investors continue to act selectively.
Overall, the figures confirm that the vast majority of transactions notified to the Authority were concluded swiftly, with only two transactions proceeding to a Phase II (in-depth) review in 2025, while almost all other transactions were cleared at the Phase I (preliminary review) stage. In this respect, 2025 stands out as a year characterised by high transaction volume combined with a balanced and efficient merger control practice.
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