Manufacturing and energy sectors lead the way as Türkiye’s annual M&A volume hits a record $11.8 billion in 2025.
The Mergers and Acquisitions (M&A) landscape in Türkiye has entered a period of historic activity, driven by a global search for yield and strategic “nearshoring” opportunities. According to the Competition Authority (RK) 2025 Year-End Report, Türkiye recorded its highest-ever annual M&A volume, with domestic-targeted transactions totaling $11.81 billion (TRY 466 billion). This activity spanned 416 reviewed merger and acquisition transactions (and 181 finalized deals involving Turkish targets), marking the most significant transaction volume since the board began publishing data in 2013.
Foreign investors are the primary catalysts for this deal-making surge, accounting for $7 billion of the total volume. In 2025 alone, international firms initiated 55 major transactions involving Türkiye-based target companies. Geographically, Germany led the foreign inflow with 9 deals, followed closely by France and the United States. The Technology and ICT sector ranked first in terms of the number of deals, particularly in software development and IT consultancy. However, the Finance and Energy sectors recorded the highest transaction values, reflecting the strategic consolidation of regional power.
Notable transactions that defined the market in 2025 include:
- The $1.72 billion acquisition of vehicle inspection stations by the MOI Joint Venture.
- Apollo Global Management’s $1 billion purchase of a 3% stake in the TANAP natural gas pipeline.
- Uber’s $700 million acquisition of an 85% stake in the delivery platform Trendyol Go.
- Ceva Logistics’ $383 million takeover of Borusan’s supply chain solutions unit.
Private Equity (PE) firms are also increasing their footprint through “buy-and-build” strategies. Türkiye offers a unique landscape where PE funds can consolidate fragmented markets or scale local champions into regional players. The availability of a skilled labor force and the country’s deep integration into the European supply chain make Turkish companies attractive targets for operational improvements and international expansion.
The government’s Invest in Türkiye agency continues to act as a vital solution partner for these investors, providing tailor-made assistance from site selection to post-merger integration. For sourcing professionals, this M&A wave is a sign of industrial professionalization; as global giants acquire Turkish firms, they bring with them global standards, better governance, and increased production capacity, making “Made in Türkiye” more competitive than ever.
Citations & Sources:
- Official Report: Competition Authority (RK) – Annual M&A Statistics 2025
- News Archive: Daily Sabah – M&A deals in Türkiye double in volume to hit record in 2025
- Financial Analysis: Türkiye Today – Türkiye sees record M&A volume in 2025 at $11.8B
