The Turkish competition board in 2025 approved 181 merger and acquisition (M&A) transactions in which Turkey-based companies changed hands, the regulator's annual M&A report showed on January 7.

The combined volume of the transactions amounted to Turkish lira (TRY) 574bn ($14.5bn). They included 19 privatisation deals with a combined worth of TRY 108bn ($2.7bn).

When the management of a company changes hands, the transaction requires a competition clearance. The board’s data is based on such transactions. However, it ignores transactions where a minority stake changes hands without causing a change of majority stakeholder in the target company.

(See the list of major M&As here.)

Record volume

The transaction volume indicated the highest figure recorded since 2013, when the competition board published its first annual M&A report.

In 2024, 137 Turkish companies were subject to M&A transactions with the combined deal volume standing at TRY 223bn ($6.81bn). In 2023, 97 Turkish companies changed hands with the combined deal values standing at TRY 163bn ($7bn).

In 2024, the combined M&A volume in Turkey, including disclosed figures as well as estimates of undisclosed transactions, rose by 35% y/y to $10.1bn, according to the annual report of KPMG Turkey.

In January-November 2025, KPMG’s figure reached $14.6bn.

In 3Q25, tech investments in Turkey, meanwhile, amounted to $235mn.

55 foreign buyers

In 2025, foreigners bought 55 Turkish companies, paying a total of TRY 277bn ($7bn) for the transactions. German buyers bought nine companies, making them the biggest acquirers of the year.

In 2024, foreigners bought 47 Turkish companies, paying TRY 99bn ($3bn). Netherlands-based companies topped the list with seven transactions.

Tech industry top again

Tech companies topped the sector rankings once more with TRY 20bn across 25 transactions last year while electricity companies registered the highest volume with TRY 28bn across 10 transactions.

In 2024, tech deals topped the sector rankings with 23 deals worth TRY 10bn, while electricity deals led with a combined volume of TRY 14bn via 13 transactions.