M&A transactions hit record high in 2025: Authority report

ANKARA

Türkiye’s merger and acquisition (M&A) activity reached its highest level on record in 2025, according to the Competition Board’s annual report.

The transaction volume marked its strongest performance since the board began publishing its M&A Outlook Reports in 2013.

The report revealed that a total of 416 mergers, acquisitions and privatizations were reviewed last year.

Excluding privatizations, 162 of these transactions involved target companies based in Türkiye, with a reported value of 466.1 billion Turkish Liras ($11.8 billion). This figure represented the highest transaction volume ever recorded, both in lira and U.S. dollar terms, since the reporting began.

In addition, 19 privatization deals worth approximately 108 billion liras were examined.

Combined, the total value of transactions involving Türkiye-based companies reached about 574.2 billion liras in 2025.

Among domestic transactions, the largest number of deals — 25 in total — were in the field of computer programming and consultancy services, while the highest transaction value was recorded in the financial intermediation sector.

Privatization activity was concentrated in electricity generation, transmission and distribution, wholesale trade of household goods, and the manufacturing of wires and cables. The single largest privatization deal was in the electricity sector, valued at around 54.6 billion liras.

Foreign investors also played a significant role, with 55 transactions involving Türkiye-based companies. German investors led with nine deals, followed by French investors with six. The total value of foreign-led investments in domestic companies amounted to 277.5 billion liras, marking the second-highest level since 2013.