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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.

A trend towards outbound acquisitions has become clearly apparent among Turkish companies in the last couple of years, in line with their globalization efforts and long-term growth strategies. A trend towards outbound acquisitions has become clearly apparent among Turkish companies in the last couple of years, in line with their globalization efforts and long-term growth strategies.

Leading conglomerates and other large-scale companies engaged in energy, mining, food & beverage, manufacturing, infrastructure, petrochemicals and tourism have been highly acquisitive, some of them starting to exhibit a pattern of regular acquisitions over the years. Financial investors, who have been major actors in the Turkish M&A market over recent years, have also been involved in cross border acquisitions through their portfolio companies.

As Turkey’s largest trade partner, European targets maintained their dominance in Turkish investors’ cross border investments through 56 deals with a total deal value of c. US$2.8 billion (including estimates for transactions with undisclosed values). This was followed by CIS countries with a deal value of c. US$1.1 billion through 12 deals (including estimates for deals with undisclosed values). On a country basis, Italy and the US shared the leadership with 10 transactions, closely followed by the UK and Iraq while Russia, Greece, Spain, Germany and Croatia were other favored destinations for Turkish investors. On the other hand, emerging countries such as Brazil, Mexico and Thailand appeared for the first time in the deal lists.

Turkish Outbound M&A Review 2012-2013
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