Merger and Acquisition Publications

Annual Turkish M&A Review 2017

In the prevailing climate of economic and geopolitical challenges, the M&A market in Turkey demonstrated resilience in 2017 through 298 transactions with a total deal volume of c. US$10.3 billion.

The total annual deal volume, still well below its levels in the first half of the decade, saw a y-o-y increase of c. 41% from its historic dip in 2016. On the other hand, the total deal number reached its all-time high, owing to the significant contribution of the increased venture capital and angel investor activity.

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Turkish Outbound M&A Review 2016

Despite elevated political tension in domestic and neighbouring markets as well as depreciating lira, their appetite to become regional and global players via cross-border acquisitions was enduring in 2016 through 42 deals. Accordingly, the outbound deal volume of Turkish investors in the last decade totaled to US$26.3 billion through 292 transactions.

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Annual Turkish M&A Review 2016

Total M&A deal volume in 2016 shrunk to its lowest level since 2009 with around US$7.7 billion through 248 transactions. Although total deal number remained flat, total deal volume dropped significantly by 53% y-o-y. Investors and sellers were both extremely prudent and adopted a wait-and-see position. Deal volume of foreign investors was at one of its lowest levels historically and private equity activity was sluggish. While the deal volume was dominated by middle market transactions in the absence of mega deals, numerous venture capital investments kept the total deal number largely unchanged from recent years.

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Mergers and Acquisitions 2014 Report

Despite increasing liquidity pressure on the emerging markets and two elections in Turkey, investors maintained their confidence in the Turkish market in 2014 and total M&A deal volume was at around US$21 billion with 236 transactions. Privatizations, mainly realized singlehandedly by Turkish investors, made their highest contribution ever to the annual deal value. Despite the deal volume of foreign investors increased substantially compared to 2013, their contribution remained behind that of the Turkish investors.

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Annual Turkish M&A Review 2013
Foreign investors’ contribution to the annual deal volume as at its lowest level ever in Turkey

Turkish market managed a sustained level of M&A activity in 2013 through 217 deals with a total deal value of around US$17.5 billion. After an all-time high number of deals and one of the highest volumes ever achieved here in the previous year, this represented a 20% and 15% year-on-year contraction in terms of deal volume and numbers, respectively.

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Turkish Outbound M&A Review 2012-2013
Turkish companies have shown substantial growth

Turkish companies’ outbound M&A activity in the two years 2012-2013 was around US$6.5 billion (including estimates for the many deals with undisclosed values) through a total of 106 transactions.

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Retail Sector Update 2013
The total size of the retail sector in Turkey exceed US$300 billion in 2013

The total size of the retail sector in Turkey is estimated to have reached US$300 billion in 2013 and is expected to grow with a CAGR of 7% between 2014 and 2018. In 2013, the total value of credit / debit card transactions grew by 21% year-over-year while CAGR for the last five years is now 15%.

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