- Transaction Value Reaches $500 Billion
- Majority of Transactions Are Foreign-to-Foreign
- No Prohibitions and Only One Conditional Clearance
by Ilayda Akcha
The number of transactions notified reached 416 in 2025, 105 more than in 2024, representing a 33.8% year-on-year increase, according to the 2025 Mergers and Acquisitions Overview Report published by the Turkish Competition Authority (TCA) earlier this month.
Key Numbers
The increased workload reflects heightened M&A activity worldwide throughout 2025.
58% (226) of the reviewed deals involved target companies incorporated outside Türkiye, underscoring the growing importance of cross-border deal activity. Meanwhile, 42% (162) involved target companies incorporated in Türkiye, qualifying as domestic transactions.
Cross-border transactions accounted for 226 cases during the year, with an aggregate notified value of approximately TRY 18.882 trillion (USD 478.31 billion), highlighting the dominant contribution of international deals to overall transaction values.
The total value of domestic transactions reached approximately TRY 466.1 billion (USD 11.81 billion), marking the highest level recorded since 2013 in both Turkish lira and US dollar terms. Excluding privatizations, domestic transaction values increased sharply by around 142.9% in nominal terms in Turkish lira and by 101.8% in US dollar terms, compared to the previous year.
Privatization activity remained relatively limited, with 19 transactions reviewed during the year. These transactions nonetheless reached a combined value of around TRY 108.045 billion (USD 2.74 billion).
Foreign-to-foreign transactions implemented abroad continued to represent a substantial share of notified activity. In total, 219 such transactions were reported, with a combined notified value of approximately TRY 18.854 trillion (USD 477.61 billion).
By contrast, deals involving exclusively Türkiye-based parties reached a total transaction value of TRY 166.384 billion (USD 4.21 billion), reflecting a more modest level of purely domestic consolidation.
In-depth Reviews and Timelines
In 2025, two transactions were taken under in-depth review by the authority. One of these was cleared subject to the commitments submitted by the parties, while the final examination process remains ongoing for the other transaction.
More broadly, all merger and acquisition transactions notified to the TCA in 2025 were cleared swiftly, with decisions issued on average within 10 days following the completion of all outstanding information required for the notification.
Foreign Investment in Türkiye Triples, Led by Germany
A total of 162 transactions involved Türkiye-based target companies in 2025, with an aggregate transaction value of TRY 466.113 billion (USD 11.81 billion).
Foreign investors were involved in 55 notified transactions with Turkish target companies during the year. By number of transactions, Germany and France ranked as the most active foreign investors, accounting for nine and six transactions respectively.
The total value of foreign investments in Turkish target companies nearly tripled year-on-year, reaching approximately TRY 277.5 billion (USD 7.03 billion). While this represents the highest level recorded since 2013, it remained below the USD 8.68 billion reached in that year.
Sectoral Breakdown
When the 274 transactions implemented by foreign investors in Türkiye and abroad in 2025 are ranked by economic field of activity on the basis of transaction values, several sectors emerge as the main recipients of investment globally.
These included:
- Software publishing.
- Computer programming, consultancy and related activities.
- Motion picture, video and television programme activities.
- Activities of monetary intermediaries.
- The manufacture of basic chemicals, fertilizers and nitrogen compounds, plastics and synthetic rubber in primary forms.
Looking specifically at transactions involving Türkiye-based targets, deal volume was highest in computer programming, consultancy and related activities, which accounted for 25 transactions. By contrast, activities of monetary intermediaries recorded the highest aggregate transaction value during the period.
Data source: 2025 Mergers and Acquisitions Overview Report
In-house Insights
| 1. Technology Undertakings Exemption Turkish merger control legislation provides for a specific exemption for technology undertakings. Under the relevant rules, technology undertakings are defined as undertakings operating in: digital platforms, software or gaming software, financial technologies, biotechnology, pharmacology, agricultural chemicals or healthcare technologies, or their related assets. Within the scope of this exemption, transactions involving the acquisition of technology undertakings are subject to mandatory notification, even if the standard turnover thresholds are not exceeded, provided that the target: -operates in the Türkiye geographic market, or -engages in R&D activities, or -provides services to users located in Türkiye. In practice, the concepts of operating in the Turkish geographic market and providing services to users in Türkiye are interpreted broadly by the TCA. Against this background, the sectors most frequently appearing among notifiable and cleared transactions are software publishing and computer programming, consultancy and related activities. On account of this obligation, mergers in the software publishing and computer programming, consultancy and related activities frequently appeared among notifiable and cleared transactions. Accordingly, undertakings that may qualify as technology undertakings should carefully assess Turkish merger control requirements at an early stage of any transaction, irrespective of whether the turnover thresholds are met. Clearing the Deal: Commitments in Practice In 2025, the TCA granted a single conditional clearance decision in Tofaş/Stellantis, which stands out as a landmark case in the TCA’s merger control practice due to the nature and breadth of the commitments accepted. Clearance was conditioned on an investment commitment in Türkiye, with Tofaş undertaking to increase its production and export capacity – the first time such a remedy was accepted by the TCA. Besides the investment plan, the commitments also included measures to protect domestic production, address potential competitive concerns in distribution and sales channels, and eliminate risks of restricted consumer choice and foreclosure of competing brands, including by preventing dealers from evolving into “one-stop-shop” structures post-transaction. The TCA may grant clearance subject to behavioural and/or structural remedies. Such commitments are assessed and tailored on a case-by-case basis and may include, without limitation: -Divestment of activities in a specific geographic area -Full divestment of a business or activity -Purchase obligations -Transfer of brand rights -Measures limiting market supply, among others etc. The most recent decision in which the TCA prohibited a transaction is the Marport Port / Terminal Investment Limited case dated 2020. How Merger Filings Work in Türkiye? Unlike the European Commission, Türkiye does not operate a pre-notification phase in merger control proceedings. Merger filings in Türkiye do not incur any filing fee. Merger notifications, along with annexes, are submitted to the TCA via its online filing system. In practice, the TCA typically issues its first request for information (RFI) within 18–20 days following submission. Until then, the notifying parties are not informed of the case team or the re viewing department. The TCA may issue multiple RFIs at its discretion, with two to three RFIs being common in practice. Once the parties submit their RFI responses, the 30-day review period restarts. A notification is deemed complete only when the TCA confirms that no further RFIs are required. Where no additional questions remain, a clearance decision is typically issued within approximately 14 days. Once a transaction is referred to Phase II, it undergoes a more detailed review. During this stage, the TCA may seek commitments from the parties and engage in remedy discussions. Where the TCA is convinced that the proposed commitments eliminate the identified competition concerns, the transaction may be conditionally cleared. |
