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Foreign investors deployed USD 8.5 billion across 110 transactions in Turkey during 2025, accounting for 30% of deal count but 55% of total disclosed value. Based on Orion Capital Partners’ proprietary deal tracking, this represents the strongest year for cross-border M&A in Turkey since 2015.
The 2025 rebound is significant. Foreign deal value had declined steadily from USD 5.9 billion in 2021 to USD 4.5 billion in 2024. Turkey’s return to orthodox monetary policy, a stabilizing macroeconomic environment, and a series of high-profile privatizations appear to have restored international buyer confidence.
| USD 8.5BForeign investor deal value (2025) | 110Cross-border transactions | 55%Share of total disclosed deal value |
A Decade of Foreign Investment in Turkish M&A
To understand the 2025 result, it helps to see the longer trajectory. Foreign investor deal value averaged USD 5.3 billion per year between 2016 and 2024, with a notable trough in 2019 (USD 3.4 billion) during Turkey’s currency crisis and a steady decline from 2022 to 2024 as global interest rates rose and Turkey’s unorthodox monetary policy deterred institutional capital.
The 2025 figure of USD 8.5 billion breaks decisively above this range, driven by three transactions above USD 1 billion and a broad-based recovery in mid-market deal flow.
Where Are the Buyers Coming From?
North American investors were the standout group in 2025, contributing USD 4.6 billion across 25 deals for an average disclosed deal size of USD 186 million. This was driven by US-based financial sponsors (CVC/Blackstone into Dream Games, Apollo into TANAP) and the Uber acquisition of Trendyol GO. Western European buyers remained the most active foreign group by deal count with 54 transactions totaling USD 2.5 billion, consistent with the region’s historically dominant role in Turkish cross-border M&A.
Middle East and Gulf investors participated in 14 deals worth USD 276 million, predominantly through UAE-based acquirers. The CIS region, led by Azerbaijani energy investments, contributed USD 385 million across 4 deals.
Top 15 Buyer Countries
The United States accounted for USD 4.6 billion across 23 deals, representing 54% of all foreign deal value. This concentration reflects three landmark transactions: CVC/Blackstone’s minority stake in Dream Games (USD 2.5 billion), Apollo’s investment in TANAP (USD 1.0 billion), and Uber’s acquisition of Trendyol GO (USD 700 million).
Beyond the US, buyer diversity was notable. Spain (USD 1.7 billion from the Turka privatization), Poland (USD 420 million from Benefit Systems’ acquisition of MAC Group), and Azerbaijan (USD 385 million from SOCAR energy investments) each contributed significant volumes through individual large transactions. Germany (12 deals) and the United Kingdom (10 deals) maintained consistent mid-market activity despite lower aggregate values.
| # | Country | Deals | Value (USD m) | % of Foreign Value | Avg. Deal Size (USD m) |
|---|---|---|---|---|---|
| 1 | United States | 23 | 4,636 | 54% | 202 |
| 2 | Spain | 1 | 1,720 | 20% | 1,720 |
| 3 | Poland | 1 | 420 | 5% | 420 |
| 4 | Azerbaijan | 2 | 385 | 5% | 192 |
| 5 | France | 4 | 383 | 4% | 96 |
| 6 | Czech Republic | 1 | 204 | 2% | 204 |
| 7 | Belgium | 3 | 190 | 2% | 63 |
| 8 | Qatar | 2 | 145 | 2% | 73 |
| 9 | UAE | 11 | 131 | 2% | 12 |
| 10 | Hong Kong | 2 | 80 | 1% | 40 |
| 11 | United Kingdom | 10 | 79 | 1% | 8 |
| 12 | Sweden | 4 | 67 | 1% | 17 |
| 13 | Germany | 12 | 35 | <1% | 3 |
| 14 | Netherlands | 9 | 15 | <1% | 2 |
| 15 | Australia | 1 | 14 | <1% | 14 |
Top 10 Cross-Border Deals
The ten largest cross-border transactions accounted for USD 7.5 billion, or 88% of total foreign deal value. Three deals exceeded USD 1 billion: Dream Games, Turka, and TANAP. The concentration at the top is notable but masks active mid-market deal flow, particularly in technology (31 software deals) and financial services (8 banking deals).
| # | Target | Sector | Buyer | Origin | Type | Value (USD m) |
|---|---|---|---|---|---|---|
| 1 | Dream Games | Gaming / TMT | CVC / Blackstone | United States | Minority stake | 2,500 |
| 2 | Turka (Vehicle Inspection) | Services | MOI Ortak Girisim | Spain | Privatization | 1,720 |
| 3 | TANAP Pipeline | Energy | Apollo Global Management | United States | Minority stake | 1,000 |
| 4 | Trendyol GO | Consumer / Delivery | Uber Technologies | United States | Acquisition | 700 |
| 5 | MAC Group | Tourism & Leisure | Benefit Systems | Poland | Acquisition | 420 |
| 6 | Borusan Tedarik Zinciri | Transportation | Ceva Logistics / CMA CGM | France | Acquisition | 383 |
| 7 | Ic Anadolu CCGT Plant | Energy | SOCAR Turkey | Azerbaijan | Acquisition | 225 |
| 8 | Bahceci Saglik Hizmetleri | Healthcare | FutureLife a.s. | Czech Republic | Acquisition | 204 |
| 9 | Tracim Cimento | Construction | Titan Cement Group | Belgium | Acquisition | 190 |
| 10 | Petlim Limancilik | Transportation | SOCAR Aliaga Liman | Azerbaijan | Acquisition | 160 |
| Top 10 Total | 7,502 | |||||
Strategic vs. Financial Investors
Foreign investment in 2025 was split evenly between strategic and financial investors: 55 deals each, with financial investors contributing USD 4.3 billion and strategic investors USD 4.2 billion. The parity in value is unusual. Historically, strategic investors have dominated Turkish cross-border M&A. The shift reflects the return of major financial sponsors to Turkey after several years of limited activity.
CVC/Blackstone, Apollo, and several European PE firms drove the financial investor total. For strategic buyers, CMA CGM (logistics), Uber (delivery), Titan Cement (construction materials), and SOCAR (energy) each made significant acquisitions, reflecting the appeal of Turkish operational assets with export exposure and regional market access.
Which Sectors Are Attracting Foreign Capital?
Technology, Media and Telecom attracted the most foreign capital by both deal count (40 deals) and value (USD 3.0 billion), anchored by the Dream Games transaction. The sector also saw 31 software deals, reflecting continued international interest in Turkey’s growing technology ecosystem.
Energy (USD 1.2 billion), consumer (USD 838 million), and transportation and logistics (USD 543 million) rounded out the top sectors by value. Healthcare saw notable cross-border activity with FutureLife’s USD 204 million acquisition of Bahceci, signaling increasing international interest in Turkey’s private healthcare sector.
What This Means for International Buyers
The 2025 cross-border data tells a clear story: international investors are returning to Turkey with conviction. The combination of orthodox economic policy, competitive asset valuations relative to European peers, and a deep industrial base is drawing capital from across the US, Europe, and the Gulf.
For buyers evaluating Turkey, several factors stand out. The average foreign deal size of USD 78 million indicates active mid-market deal flow alongside the headline transactions. Western European corporates continue to find Turkish acquisition targets with export infrastructure and regional market positions. And the 50/50 split between strategic and financial investors suggests that both trade logic and financial return profiles are working for foreign acquirers in the current environment.
Deal flow is at its highest level in a decade, and the window for well-structured acquisitions at attractive valuations remains open. Domestic sellers are increasingly receptive to international partnerships, particularly where the acquirer brings technology, distribution, or capital to accelerate growth.
Looking for Acquisition Targets 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. |
Sources & Methodology
Historical data (2016-2024) 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. Foreign investor classification is based on the primary acquirer’s country of incorporation. “Middle East” includes UAE, Qatar, and other Gulf states but excludes Turkey. Deals with multiple buyers from different countries are attributed to the lead buyer’s country. Data as of 30 January 2026.
