Orion Capital Partners

How Turkish Companies Are Valued in M&A Transactions

orion — Wed, 11 Mar 2026 12:14:19 +0000

How Turkish Companies Are Valued in M&A Transactions

A practical guide to valuation methodologies, Turkey-specific adjustments, and what drives enterprise value in the Turkish mid-market.

Orion Capital Partners | March 2026 | 8 min read

USD 16.2B

Total Turkey M&A deal value in 2025

450

Transactions completed in 2025

10.87%

Turkey equity risk premium (Damodaran, 2025)

Turkey recorded its strongest M&A year in a decade in 2025, with deal values reaching USD 16.2 billion across 450 transactions. Behind every one of those deals is a valuation, and behind every valuation is a set of methodologies, assumptions, and adjustments that ultimately determine the price a buyer is willing to pay.

For Turkish business owners considering a sale, understanding how buyers value companies is not an academic exercise. It is the single most important factor in determining whether you walk away with a fair price or leave money on the table.

This guide explains the three valuation methodologies most commonly used in Turkish M&A transactions, the Turkey-specific adjustments that buyers will apply, and the levers that owners can influence to maximize enterprise value.

The Three Pillars of M&A Valuation

Professional M&A valuations rarely rely on a single methodology. Buyers, sellers, and their advisors typically triangulate across three approaches to arrive at a defensible valuation range.

Valuation Methodology Overview

How the three approaches work together to produce a valuation range

Comparable Companies

What are similar public companies trading at today?

▶

Precedent Transactions

What have buyers paid for similar companies recently?

▶

Discounted Cash Flow

What is the company worth based on its future cash flows?

▶

→

Valuation Range

Triangulated enterprise value with supporting rationale

1. Comparable Companies Analysis (Trading Multiples)

This approach values a company by reference to how the public markets value similar businesses. The most common metric is EV/EBITDA (enterprise value divided by earnings before interest, taxes, depreciation, and amortization), though revenue multiples are used for high-growth or pre-profit companies.

For a Turkish mid-market company, the advisor identifies 8 to 15 publicly traded peers, extracts their trading multiples, and applies adjustments for size (private companies are smaller and less liquid than public peers), country risk, and growth differentials.

Key point for owners: A Turkish industrial company will not be valued at the same multiple as a similar German company. Public market multiples provide a starting reference, but significant discounts are applied for country risk, size, and liquidity. The adjustment process is where advisory expertise matters most.

2. Precedent Transactions Analysis (Deal Multiples)

This approach looks at what acquirers have actually paid for comparable companies in completed M&A transactions. It reflects real market clearing prices, including control premiums that buyers pay to acquire a majority stake.

In the Turkish market, transaction data is more limited than in the US or Western Europe. Not all deals disclose financial terms, and truly comparable transactions (same sector, similar size, recent timing) can be difficult to find. A skilled advisor expands the search to regional peers (MENA, CEE, Southeast Asia) and adjusts for market differences.

3. Discounted Cash Flow (DCF) Analysis

The DCF projects a company's future free cash flows over a 5 to 10 year period and discounts them back to present value using a discount rate (WACC) that reflects the risk of achieving those projections.

In Turkey, the DCF is particularly sensitive to three factors:

DCF Factor	Turkey-Specific Consideration	Impact on Value
Discount rate (WACC)	Turkey's equity risk premium was 10.87% in 2025 (Damodaran), significantly higher than developed markets (4-6%). This reflects currency risk, political risk, and macroeconomic volatility.	Higher WACC = lower present value
Currency assumptions	Projections must decide: TRY-denominated with Turkish WACC, or USD-denominated with adjusted assumptions. Consistency between cash flows and discount rate is critical.	Inconsistency can distort value by 20-30%
Inflation adjustments	With Turkey's recent high-inflation environment, nominal projections must be carefully distinguished from real growth. Revenue growth of 40% in TRY may represent 10% real growth.	Overstating real growth inflates value

How the Three Methods Come Together

Each methodology produces a different range. The advisor synthesizes these into a single valuation range, typically presented as a "football field" chart.

Illustrative Valuation Range

Hypothetical Turkish industrial company, USD 8m normalized EBITDA

Comparable Companies

USD 36-52m

Precedent Transactions

USD 40-60m

DCF Analysis

USD 38-58m

Implied Range

USD 40-55m

USD 0m USD 25m USD 50m USD 75m USD 100m

Illustrative only. Based on 5.0-6.5x normalized EBITDA range for Turkish mid-market industrials. Actual multiples vary by sector, growth profile, and transaction dynamics.

The Hidden Driver: EBITDA Normalization

Before any multiple is applied, the buyer's first step is to determine the company's "normalized" or "adjusted" EBITDA. This means stripping out items that do not reflect the company's sustainable, recurring earnings power.

In Turkish mid-market companies, normalization adjustments are often significant and can move the EBITDA figure by 15-40%. The most common adjustments include:

Illustrative EBITDA Normalization Bridge

From reported EBITDA to normalized EBITDA

Reported EBITDA

USD 6.2m

(+) Owner compensation above market

+1.0m

(+) Related-party rent adjustment

+0.5m

(+) Non-recurring legal costs

+0.3m

(-) Informal revenue adjustment

-0.2m

Normalized EBITDA

USD 7.8m

Illustrative example. Actual adjustments are company-specific and must be documented with supporting evidence.

Turkish mid-market companies frequently have owner-specific cost structures that differ significantly from how a corporate buyer would operate the business. Common Turkey-specific normalization items include:

Adjustment Category	Typical Items	Direction
Owner compensation	Salary, vehicle, travel, family members on payroll, personal expenses through company	Adds to EBITDA
Related-party transactions	Rent paid to owner's property company above/below market, intercompany pricing	Adjusts to market rate
Non-recurring items	Litigation costs, restructuring, one-time inventory write-offs, COVID-era impacts	Adds to EBITDA
Informality adjustments	Unrecorded cash transactions, under-reported revenue. Buyers will only pay for documented earnings.	Reduces EBITDA
FX gains/losses	Unrealized currency gains from TRY depreciation on USD-denominated assets or liabilities	Strips out non-operational items

The formalization premium: Companies that operate fully within the formal economy, maintain audited financials, and have clean corporate governance consistently achieve higher multiples. Buyers pay more when they can verify what they are buying. A company with USD 6m of fully audited, transparent EBITDA will often achieve a higher enterprise value than a company with USD 8m of poorly documented EBITDA.

What Drives Valuation Multiples in Turkey

Not all companies in the same sector trade at the same multiple. The spread between the lowest and highest valuation in any given sector can be 3-4x. The factors that push a company toward the higher end of the range include:

Key Value Drivers in Turkish M&A

Factors that move a company from low-end to high-end multiples

Very High

Revenue growth track record

Very High

EBITDA margin stability

High

Customer diversification

High

Export revenue (USD/EUR)

High

Audited financials

Medium

Management continuity

Medium

IP / proprietary tech

Medium

Low capex intensity

Among these, export revenue deserves special attention in the Turkish context. A company that generates 50%+ of revenue in hard currency (USD, EUR) naturally hedges against TRY volatility, reduces the buyer's currency risk, and typically commands a higher multiple than a purely domestic-revenue peer.

Indicative Valuation Benchmarks by Sector

The following table provides directional guidance on where Turkish mid-market M&A multiples tend to land. These are not precise figures but observed ranges based on publicly available transaction data and market practice.

Sector	Typical EV/EBITDA Range	Key Multiple Drivers
Technology / SaaS	8-15x (or EV/Revenue for pre-profit)	ARR growth, retention rates, TAM, USD revenue
Gaming	8-20x (wide range)	Monthly active users, LTV/CAC, hit game pipeline
Healthcare	7-12x	Recurring revenue, regulatory moats, demographic tailwinds
Food & Agriculture	5-8x	Brand strength, export share, cold chain infrastructure
Industrials / Manufacturing	4-7x	Export share, customer diversification, automation level
Textiles & Apparel	4-6x	Brand vs. contract manufacturing, EU market access, sustainability credentials
Consumer / Retail	5-8x	Same-store growth, e-commerce penetration, brand equity

Ranges are indicative and based on publicly available Turkish and regional transaction data. Actual multiples depend on company-specific factors, transaction dynamics, and market conditions at the time of the deal.

Preparing Your Company for a Higher Valuation

Valuation is not entirely determined by market forces. There are concrete steps business owners can take, ideally 12 to 24 months before a sale process, to position their company for a stronger outcome.

The Sell-Side Readiness Timeline

Typical preparation milestones before launching a formal sale process

24 Months Out

Appoint auditor. Begin formalizing financials and corporate governance.

▶

18 Months Out

Normalize owner expenses. Resolve related-party transactions. Clean up the cap table.

▶

12 Months Out

Engage M&A advisor. Commission independent valuation. Identify buyer universe.

▶

Launch

Teaser, CIM, data room ready. Formal process with competitive tension.

The most impactful actions an owner can take, ranked by their effect on valuation:

Action	Valuation Impact	Timeline
Obtain audited financials (Big 4 or reputable firm)	Reduces buyer's perceived risk, supports higher multiple	12-18 months
Formalize all revenue streams	Only documented EBITDA gets valued. Informal revenue is worth zero to a buyer.	12-24 months
Reduce customer concentration	Top customer below 20% of revenue removes a key discount factor	12-24 months
Build a management team that can operate without the owner	Removes key-person risk. Critical for strategic buyers and PE firms.	6-18 months
Resolve related-party transactions at arm's length	Eliminates a common DD red flag in Turkish companies	6-12 months
Run a competitive sale process with multiple bidders	Competitive tension is the single largest driver of price above intrinsic value	Process design

Let's talk.

Whether you are considering a sale, planning for succession, or simply want to understand what your company is worth, we welcome a confidential conversation.

Schedule a Confidential Discussion

Sources and Methodology

Valuation ranges and benchmarks in this article are based on publicly available transaction data (Deloitte Annual Turkish M&A Review, KPMG Turkey M&A reports), Damodaran country risk premium estimates (July 2025), and Orion Capital Partners' advisory experience. Illustrative examples are hypothetical and do not represent any specific company or transaction. This article is for informational purposes only and does not constitute financial advice. Independent professional advice should be obtained before making any transaction decisions.

How to Sell Your Company: A Practical Guide to the M&A Process

orion — Mon, 16 Feb 2026 19:22:06 +0000

Selling a company is one of the most consequential decisions a business owner will make. Whether driven by succession planning, a desire to monetize years of value creation, or a strategic decision to bring in growth capital, the process demands careful preparation, professional execution, and disciplined negotiation.

Yet many business owners approach a potential sale without fully understanding how the process works, what drives value, or where the most common pitfalls lie. This guide outlines the structured M&A sell-side process that professional advisory firms follow to help business owners achieve the best possible outcome.

Why a Structured Process Matters

Selling a company is not the same as selling a product. The stakes are higher, the timeline is longer, and the consequences of missteps are significant.

A structured sell-side process, led by an experienced M&A advisor, serves several critical functions:

Creates competitive tension: Multiple qualified buyers drive valuation upward.

Protects confidentiality: Controlled information flow safeguards customer and employee relationships.

Preserves leverage: The business owner maintains negotiating power throughout the process.

Protects the business: Day-to-day operations continue undisrupted while the transaction proceeds.

Business owners who attempt to negotiate directly with a single interested buyer almost always leave value on the table. A properly run process typically engages multiple qualified buyers, whether strategic acquirers, private equity firms, or family offices, and lets market dynamics determine the optimal price and terms.

The Sell-Side Process: 5 Key Steps

A professional sell-side M&A process follows a structured framework from preparation to close. The typical timeline from start to finish is 6 to 12 months.

Preparation & Assessment

3 - 5 weeks

Company Valuation

2 - 4 weeks

Marketing the Opportunity

1 - 3 months

Process Management

2 - 4 months

Closing the Transaction

1 - 2 months

Step 1: Preparation and Readiness Assessment

Before approaching any potential buyer, the first step is to prepare the company for a transaction. This is where many sellers underinvest, and it is where the difference between a good outcome and a great outcome is often determined.

Financial Preparation

Normalizing the company's EBITDA to present a clear picture of its true earning power. Owner-related expenses, one-off costs, related party transactions at non-market rates, and accounting inconsistencies should all be identified and adjusted. A well-prepared vendor due diligence package builds credibility and accelerates the process.

Operational Readiness

Ensuring that the business does not depend entirely on the owner. Companies with professional management teams, documented processes, and diversified customer bases command higher valuations than owner-dependent businesses.

Legal and Corporate Housekeeping

Resolving any outstanding disputes, ensuring all contracts and licenses are current, cleaning up the cap table, and confirming that intellectual property is properly protected.

A professional M&A advisor will typically conduct a readiness assessment to identify gaps and recommend actions before the company goes to market. This preparation phase can take anywhere from three to five weeks and is time well spent.

Step 2: Valuation

Understanding what your company is worth, and what drives that value, is essential before engaging with buyers. Professional valuations typically employ three complementary methodologies:

METHODOLOGY	DESCRIPTION	KEY REFERENCE
Comparable Companies Analysis	Examines trading multiples of publicly listed companies with similar business characteristics	Trading multiples (EV/EBITDA)
Precedent Transactions Analysis	Looks at multiples paid in recent M&A transactions involving comparable companies; captures the control premium	Completed deal values
Discounted Cash Flow (DCF)	Forward-looking valuation based on projected free cash flows, discounted back to present value	Cash flow projections

The interplay between these methodologies produces a valuation range, not a single number. Where a company falls within that range depends on its growth trajectory, market position, competitive dynamics, and the level of buyer interest.

In the Turkish mid-market, EBITDA multiples for industrial companies typically range from 5x to 8x, while technology companies with strong growth profiles can command multiples of 10x or higher.

Step 3: Marketing the Opportunity

Once the company is prepared and a valuation framework is established, the M&A advisor begins marketing the opportunity to potential buyers.

DOCUMENT	CONTENT	SHARED WITH
Teaser	A 1-2 page anonymous summary describing key attributes without revealing company identity	Broad buyer list (100+ targets)
Non-Disclosure Agreement (NDA)	Signed before any identifying information is shared; includes non-solicitation and non-circumvention provisions	Interested parties
Confidential Information Memorandum (CIM)	Comprehensive document covering history, market position, financials, growth opportunities, and investment highlights	NDA-signed buyers

The breadth and quality of the buyer outreach is one of the most important value-added functions of a professional M&A advisor. A firm with strong cross-border relationships can identify and approach buyers that the business owner would never reach on their own.

Step 4: Managing the Process

As buyers review the CIM and express interest, the process moves through several defined stages:

Indicative Offers (IOIs) are non-binding indications of value and key terms submitted by interested buyers. The advisor evaluates these offers across multiple dimensions: price, deal structure, certainty of close, strategic fit, and the buyer's track record.

Management Presentations are typically held with shortlisted buyers, giving them the opportunity to meet the leadership team and assess the business firsthand.

Due Diligence is the detailed examination of the company's financials, operations, legal affairs, tax position, and commercial relationships. A well-prepared data room significantly accelerates this phase and signals professionalism to buyers.

Binding Offers are submitted after due diligence, and the advisor leads negotiations on price, deal structure, representations and warranties, indemnification, and closing conditions.

Step 5: Closing the Transaction

The final phase involves negotiating and executing the Share Purchase Agreement (SPA) or Asset Purchase Agreement, coordinating with legal and tax advisors, satisfying closing conditions, and completing the ownership transfer.

This phase requires careful attention to detail. Purchase price adjustments, earnout provisions, escrow arrangements, non-compete clauses, and transition service agreements all require experienced negotiation.

Common Mistakes That Destroy Value

Engaging with only one buyer. Without competitive tension, the buyer controls the process and the price. Multiple qualified buyers create the negotiating dynamic that drives optimal outcomes.

Starting too late. Sellers who rush to market with unprepared financials, unresolved legal issues, or owner-dependent operations will face discounted offers or failed processes.

Unrealistic valuation expectations. Expectations should be grounded in market data and comparable transactions, not emotional attachment or untested revenue projections.

Neglecting confidentiality. A leaked process can damage customer relationships, unsettle employees, and alert competitors.

Losing focus on the business. If operational performance declines during the sale process, buyers will revise their offers downward.

The Role of an M&A Advisor

A professional sell-side M&A advisor acts as the business owner's strategic partner throughout the transaction:

Conducting the readiness assessment and identifying value enhancement opportunities
Performing an independent valuation using market-standard methodologies
Preparing professional marketing materials (teaser, CIM, management presentation)
Identifying, approaching, and qualifying potential buyers globally
Managing the structured process from first contact through closing
Leading negotiations on price, terms, and legal documentation
Coordinating all workstreams including financial, legal, and tax due diligence

The advisor's mandate is to maximize the value realized by the seller while managing risk, maintaining confidentiality, and ensuring the process runs on a professional timeline.

Why Cross-Border Reach Matters

For Turkish companies in particular, the buyer universe extends well beyond domestic acquirers. In 2025, foreign investors participated in approximately 110 of 371 announced M&A transactions in Turkey, accounting for over 55% of total disclosed deal value. European strategic buyers, North American private equity firms, and Gulf-based investors have all been active acquirers of Turkish businesses across a range of sectors.

An M&A advisor with strong international relationships and network access can significantly expand the buyer universe, creating more competitive tension and ultimately a better outcome for the seller.

Orion Capital Partners, as a member of Globalscope Partners, a network of 55 independent M&A advisory firms across 50 countries, provides Turkish business owners with direct access to qualified buyers worldwide. This cross-border reach, combined with deep local market expertise, is what enables us to deliver results for our clients.

Considering a Transaction?

Whether you are exploring a sale, seeking a strategic partner, or simply want to understand what your company is worth, Orion Capital Partners provides independent, confidential advisory. As a member of Globalscope Partners, we connect Turkish businesses with qualified buyers across 50 countries.

Schedule a Confidential Discussion

Orion Capital Partners is an independent M&A advisory firm based in Istanbul, Turkey, focused on sell-side advisory, buy-side advisory, and independent valuations for mid-market companies. As a member of Globalscope Partners, Orion connects Turkish businesses with qualified buyers and investors across 50 countries.

Cross-Border M&A: Who Is Buying in Turkey?

orion — Sun, 15 Feb 2026 10:51:57 +0000

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.

Top 15 Buyer Countries by Disclosed Deal Value (2025)

#	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

Source: Orion Capital Partners deal tracking. Country based on primary acquirer country of incorporation.

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).

Top 10 Cross-Border M&A Transactions in Turkey (2025)

#	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

Source: Orion Capital Partners deal tracking. Top 10 cross-border deals represent 88% of total foreign disclosed deal value in 2025.

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.

Schedule a Confidential Discussion

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.

2025: Turkey’s Strongest M&A Year in a Decade

orion — Fri, 13 Feb 2026 16:20:19 +0000

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 Value - 2016 to 2025 (USD Billion)

Stacked bars = deal value | Line = foreign investor share of total value

2016-2024: Deloitte; 2025: Orion Capital Partners

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	Buyer Origin	Type	Value (USD m)
1	Dream Games	TMT / Gaming	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	Cayirhan Power & Lignite	Energy	Akcadag Insaat	Turkiye	Privatization	549
6	Fenerbahce Kalamis Marina	Retail / Leisure	Koc Holding (Tek-Art)	Turkiye	Privatization	504
7	Aydinli Hazir Giyim	Consumer / Apparel	HRK Holding	Turkiye	Privatization	492
8	Dogu Biga Madencilik	Mining & Metals	Tumad Madencilik (Nurol)	Turkiye	Acquisition	470
9	HES Kablo	TMT / Electronics	Nakkas Holding	Turkiye	Privatization	451
10	MAC Group	Tourism & Leisure	Benefit Systems	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 Turkish 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. Sectors classified by primary business activity of the target company.

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 Turkish M&A 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 origin based on ultimate parent company headquarters.

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.

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Orion’s Managing Partner Deniz Kartal was appointed as a Board Member to Globalscope

orion — Mon, 26 Jul 2021 15:26:14 +0000

Orion Capital Partners’ Managing Partner Deniz Kartal was appointed as a Board Member to Globalscope Partners as announced on April 28, 2021. Please see attached the press release for the appointment as well as President and other Board Member appointments and Globalscope’s Q1 results.

Press Release_Q1 2021 GS

The Global Gaming Market

orion — Mon, 26 Jul 2021 15:19:04 +0000

The global gaming market in grew significantly in recent years even before the pandemic took hold of our lives. In the US, the largest game software market in the world, digital games are a major part of over 200 million consumers in the US.
Asia-Pacific is a key market for gaming software. China has 660 million games who are mainly focused on mobile and PC gaming, which tend to be less lucrative than console games.

UK is Europe’s largest gaming market with a third of Europe’s market revenues. UK is also the largest growing country in Europe, followed by France and Germany.

The global games software market is expected to generate revenues of $54.4 billion in 2020, growing 4.6% y-o-y between 2016 and 2020. Asia-Pacific is expected grow 7.3% over the same period, while US is expected to grow 2%.
Covid-19 pandemic had a positive impact on the already fast growing games software market. While lockdown restrictions and social distancing guidelines reduce the options for leisure activities, even governments have been encouraging consumers to spend more time playing games.

Smart phones which are widely available are driving the games software market growth as mobile gaming is getting more popular. In app purchases are growing while many mobile games are generating revenues through subscriptions or extra content.

Console games are struggling to get a foothold in China since the government lifted a 15-year ban on consoles in 2015.

The cloud gaming is an emerging technology across the gaming industry, which allows the user to stream high-end games across the hand-held devices, such as laptops, tablets, and mobiles, with fast network connectivity, thereby, eliminating the requirement of regular hardware upgrade or a gaming console/PC/laptop. Such key factors are expected to have a positive impact on the market’s growth. Cloud-based gaming threatens to bring new online pureplay retailers with considerable financial power into the marketplace. Through this new medium, players can purchase the highest-quality hard-copy games to stream on a huge range of devices besides consoles and PCs.
Additionally, leveraging the cloud technology in the gaming industry is likely to fuel the demand and engagement of multi-players for different games, thereby boosting the market growth.

The increasing application of immersive technologies, such as virtual reality, augmented reality, and mixed reality, is going to be a cornerstone for the gaming industry, where users can enhance their experience by 20 times more enjoyable and convenient than traditional alternatives. For instance, companies, such as BigScreenVR and AltspaceVR, are some of the prominent players in this segment.
The key driver of the market growth of gaming software was the increased internet penetration and proliferation of low-cost smartphones among the urban and rural populations. The monetization is realized through revenue streams, like in-app purchases, pay per download, and subscription services, by gamers, and in-app advertisements, incentive-based advertisements, etc., by the ecosystem.

The release of 5G and unlimited data plans are also expected to be key factors toward the success of cloud gaming across the world, as most gamers today are preferring games on mobile devices. The increasing services and investment in the 5G infrastructure are also very important toward this success. According to Ericsson the number of 5G mobile subscriptions in the Asia-pacific region are expected to reach around 1,545 millions by 2025.

New-generation consoles, Microsoft’s Xbox Series X and Sony’s PlayStation 5, will drive game software sales in the US over the forecast period, after being released in late 2020. For Japan’s Nintendo, the sales forecast for its hit games console the Switch increased to 24 million devices in the year ending March 2021, from 19 million previously. The COVID-19 pandemic was partly responsible, by boosting consumer spending on home gaming. Revenues in 2020 will be hard to replicate in 2021, as the COVID-19 vaccine is rolled out worldwide, allowing consumers to invest in other sources of entertainment.

2021 State of mobile report is out

orion — Sun, 25 Jul 2021 01:58:41 +0000

Appannie’s State of Mobile 2021 report is out and mobile gaming is here to stay. In 2020, There were 218 billion new app downloads across various platforms (iOS, Google Play, and third-party Android), 7% growth year-over-year. Total app store spend across platforms was $143 billion, a whopping 20% y-o-y growth, underpinning the isolation during lock-down and pandemic days. Not surprisingly, a similar 20% growth was seen on daily time spend per user, 4.2 hours. Companies, aiming to take advantage of the screen time, spent $240 billion, 26% increase over last year. Venture capital flows to mobile technology has grown 27% y-o-y to $73 billion.

Some highlights from the report are listed as below:

Mobile adoption boomed in 2020. Demand for new apps and games are growing.
Mobile time spent surpassed live TV.
25% of more publishers earned over $2 million p.a. on either iOS or Google Play.
$73 billion investment capital poured into mobile companies, marking 27% y-o-y, led by financial services, transportation, commerce and shopping.
Mobile affinity varies by market and demographic. In the US, Gen X and baby boomers spent 30% more time y-o-y, whereas Gen Z and millennials spent 16% and 18%, respectively.
Core gamers generate 66% of total spend and 55% of time spent on mobile games. Casual games dominate downloads. APAC drives a significant portion of spend and time spent among core games, yet console and PC-gone-mobile titles bridge the West into core mobile gaming.
Mobile gaming moves mainstream. Casual > Simulation > Sandbox games took over the most market share globally.
Events drove highest gaming ARPU in 2020.
Mobile is the channel for influencing financial decisions. Mobile fuels 45% more financial engagement.
TikTok outpaces top social apps in hours per user.
40% more hours streamed on mobile in 2020.
YouTube Sees Up To 6x time spent per user vs. next closest app, up to 38 hours a month
M-commerce boom changes shopping behavior.
Global downloads of Pinterest and Instagram worldwide grew 50% and 20% y-o-y, respectively.
Mobile orders of fast food & food delivery surge.
Mobile ad placements grew 95% y-o-y in US, 335% in Turkey, 175% Mexico, 165% France, 170% Brazil.
Time spent in business apps such as Zoom, Google Meet grew 275% y-o-y in Q4 2020.