Share This Post
Turkey’s M&A market delivered its strongest performance since 2014 in 2025, with disclosed transaction value reaching USD 15.6 billion across 371 announced deals. Based on Orion Capital Partners’ proprietary deal tracking, this represents an 84% increase in disclosed deal value compared to 2024 (USD 8.5 billion across 423 deals, per Deloitte) and marks the highest annual total since the USD 18 billion recorded a decade ago.
The result is all the more notable given that 187 of the 371 tracked transactions had undisclosed values. The actual total market value, including estimates for these transactions, would be materially higher.
USD 15.6BDisclosed deal value (2025)
371Announced transactions
+84%YoY increase in deal value
A Decade of Turkish M&A Activity
To appreciate the scale of 2025, it helps to view the recent trajectory. Annual deal values ranged between USD 5.3 billion and USD 11.5 billion from 2019 through 2024. The 2025 result breaks decisively out of that range.
Turkey M&A Deal Volume and Deal Count (2018 – 2025)
| Year | Deals | Deal Value (USD B) | YoY Change | Avg. Deal Size (USD m) |
|---|---|---|---|---|
| 2018 | 256 | 12.0 | — | 47 |
| 2019 | 233 | 5.3 | -56% | 23 |
| 2020 | 304 | 9.0 | +70% | 30 |
| 2021 | 390 | 10.1 | +12% | 26 |
| 2022 | 415 | 11.5 | +14% | 28 |
| 2023 | 403 | 8.0 | -30% | 20 |
| 2024 | 423 | 8.5 | +6% | 20 |
| 2025 | 371 | 15.6 | +84% | 85* |
Sources: 2018-2024 data from Deloitte Annual Turkish M&A Review (includes estimates for undisclosed values). 2025 data from Orion Capital Partners proprietary deal tracking (disclosed values only). *Average based on 184 deals with disclosed values.
What Drove the Surge
Privatizations returned at scale. Ten privatization transactions contributed USD 4.1 billion in disclosed value. The largest was the Turka vehicle inspection network, acquired by a Spanish-led consortium for USD 1.7 billion. Other significant disposals included the Cayirhan thermal power complex (USD 549 million), Fenerbahce Kalamis Marina (USD 504 million), the Aydinli apparel group (USD 492 million), and HES Kablo (USD 451 million).
Cross-border appetite intensified. Foreign investors participated in 110 transactions, accounting for 30% of deal count but 55% of total disclosed value (USD 8.5 billion). The concentration of value in foreign-led deals reflects continued international appetite for Turkish assets with export exposure, competitive cost structures, and regional market access.
Strategic buyers dominated. Strategic investors accounted for 60% of total deal value (USD 9.4 billion across 206 deals), while financial investors contributed 40% (USD 6.2 billion across 165 deals). The split reflects the attractiveness of Turkish operational assets to trade buyers seeking regional scale.
Top 10 Deals of 2025
Largest Announced M&A Transactions in Turkey (2025)
| # | Target | Sector | Buyer Origin | Type | Value (USD m) |
|---|---|---|---|---|---|
| 1 | Dream Games | TMT / Gaming | United States | Minority stake | 2,500 |
| 2 | Turka (Vehicle Inspection) | Services | Spain | Privatization | 1,720 |
| 3 | TANAP Pipeline | Energy | United States | Minority stake | 1,000 |
| 4 | Trendyol GO | Consumer / Delivery | United States | Acquisition | 700 |
| 5 | Cayirhan Power & Lignite | Energy | Turkiye | Privatization | 549 |
| 6 | Fenerbahce Kalamis Marina | Retail / Leisure | Turkiye | Privatization | 504 |
| 7 | Aydinli Hazir Giyim | Consumer / Apparel | Turkiye | Privatization | 492 |
| 8 | Dogu Biga Madencilik | Mining & Metals | Turkiye | Acquisition | 470 |
| 9 | HES Kablo | TMT / Electronics | Turkiye | Privatization | 451 |
| 10 | MAC Group | Tourism & Leisure | Poland | Acquisition | 420 |
| Top 10 Total | 8,806 |
Source: Orion Capital Partners deal tracking. Top 10 deals represent 57% of total disclosed deal value in 2025.
Sector Breakdown
Technology, Media and Telecom was the most active sector by deal count with 100 transactions, anchored by the Dream Games minority stake sale. Energy and real estate each contributed 28 deals. The diversity of sector activity reflects Turkey’s broad industrial base and the range of entry points available to investors.
2025 M&A Activity by Sector
| Sector | Deals | % of Total | Value (USD m) | % of Value |
|---|---|---|---|---|
| Technology, Media & Telecom | 100 | 27% | 3,811 | 24% |
| Energy | 28 | 8% | 2,112 | 14% |
| Services | 5 | 1% | 1,728 | 11% |
| Consumer | 20 | 5% | 1,577 | 10% |
| Real Estate & Construction | 28 | 8% | 1,241 | 8% |
| Agriculture & Food | 20 | 5% | 843 | 5% |
| Tourism & Leisure | 10 | 3% | 819 | 5% |
| Retail & Wholesale | 13 | 4% | 663 | 4% |
| Healthcare | 15 | 4% | 642 | 4% |
| Mining & Metals | 13 | 4% | 576 | 4% |
| Chemicals & Industrials | 45 | 12% | 571 | 4% |
| Transportation & Logistics | 15 | 4% | 560 | 4% |
| Financial Services | 32 | 9% | 350 | 2% |
| Automotive | 13 | 4% | 47 | <1% |
| Other | 14 | 4% | 49 | <1% |
| Total | 371 | 100% | 15,588 | 100% |
Source: Orion Capital Partners deal tracking. Disclosed values only. Sectors consolidated from granular sub-sector classifications.
Buyer Origin and Cross-Border Activity
Foreign investors accounted for 30% of transactions by count but 55% of total disclosed value, reflecting the concentration of larger deals among international buyers. Western European and North American investors were the most active foreign buyer groups, collectively contributing USD 6.5 billion. The United States alone accounted for USD 4.6 billion across 23 deals, driven by CVC/Blackstone (Dream Games), Apollo (TANAP), and Uber (Trendyol GO).
2025 M&A Activity by Buyer Region
| Buyer Region | Deals | % of Total | Value (USD m) | % of Value | Key Buyers |
|---|---|---|---|---|---|
| Turkiye (Domestic) | 261 | 70% | 7,054 | 45% | Akcadag, Saat&Saat, Nakkas, Nurol |
| Western Europe | 54 | 15% | 3,331 | 21% | Spain, France, Belgium, UK, Germany |
| North America | 24 | 6% | 3,179 | 20% | CVC/Blackstone, Apollo, Uber |
| Eastern Europe | 3 | 1% | 661 | 4% | Poland (Benefit Systems) |
| CIS | 4 | 1% | 410 | 3% | Azerbaijan |
| Asia-Pacific | 10 | 3% | 111 | 1% | Hong Kong, Japan, China |
| Undisclosed / Other | 15 | 4% | 843 | 5% | UAE, Qatar, multi-country |
| Total | 371 | 100% | 15,588 | 100% |
Source: Orion Capital Partners deal tracking. Buyer region based on primary acquirer country of incorporation.
What This Means for International Buyers
The data underscores Turkey’s position as one of the most active M&A markets in the emerging world. For international strategic buyers and financial sponsors, Turkey offers a combination of competitive asset valuations, a diversified industrial base, and a strategic geographic position bridging Europe, the Middle East, and Central Asia. Export-oriented companies with established market positions are increasingly available across technology, industrials, healthcare, and consumer sectors.
The current environment favors well-prepared buyers. Deal flow is at its highest level in a decade, and domestic sellers are increasingly open to international partnerships and exits. Early engagement and local advisory support are critical to accessing the best opportunities before competitive processes narrow the field.
Sources & Methodology
Historical data (2018-2024) sourced from the Deloitte Annual Turkish M&A Review, which includes estimates for transactions with undisclosed values. 2025 data compiled by Orion Capital Partners from public announcements, press coverage, and regulatory filings, cross-referenced with KPMG Turkey M&A reports and EMIS company data. The 2025 figures reflect disclosed transaction values only; 187 of 371 tracked deals had undisclosed values. Sector classifications consolidated from granular sub-sector labels. Buyer origin determined by primary acquirer country of incorporation. Data as of 30 January 2026.
Exploring Opportunities in Turkey?
Orion Capital Partners advises international buyers and financial investors on acquisitions and investments in the Turkish mid-market and technology space. As a member of Globalscope Partners, we provide local expertise backed by a network of 55 independent M&A advisory firms across 50 countries.
