Conexio consulting

Mergers and acquisitions record in Turkey

KPMG Turkey announced that the volume of mergers and acquisitions (M&A) transactions with disclosed value in Turkey was 2.7 billion dollars as of the end of November 2023, while the total volume of undisclosed transactions was estimated at 7.3 billion dollars. A record 486 mergers and acquisitions were recorded.

According to KPMG Turkey’s “Merger and Acquisition Trends 2023 from a KPMG Perspective” report, the estimated total transaction volume, including undisclosed transactions, is estimated to have increased by approximately 1 billion dollars compared to the same period last year.

In KPMG’s report last year, it was stated that the total volume of transactions whose value was disclosed was 5.3 billion dollars, and together with the undisclosed ones, it reached 6.5 billion dollars. Considering the disclosed transactions in Turkey, while transaction volumes decreased as of the end of November, 2023 was a record year in terms of the number of transactions with 486 transactions realized in the same period.

2023’S BIGGEST PURCHASE FROM TOFAŞ

TOFAŞ’s acquisition of Stellantis Otomotiv was the largest transaction of 2023 with a transaction value of $439.1 million.

Other major transactions in the industrial manufacturing and automotive sectors included UK-based Volex’s acquisition of Murat Kablo’s shares for $195.8 million and US-based Univar Solutions’ acquisition of Kale Kimya’s shares for $143.6 million.

Major transactions in the energy sector included Tatarstan-based PJSC Tatneft’s acquisition of 100 percent of the shares of Aytemiz, owned by Doğan Holding, for USD 336 million and Vitol Group subsidiary Petrol Ofisi’s acquisition of BP’s fuel operations in Turkey for an undisclosed amount.

İşbank’s acquisition of a 50 percent stake in Greeneco Enerji Elektrik Üretim (Greeneco Energy Electricity Generation) for USD 130.9 million was also among the significant transactions in the renewable energy sector.

In the first 11 months of 2023, 228 transactions were realized in the technology, media and telecommunications sector, followed by industrial production and automotive sector with 58 transactions. In terms of transaction volume, the industrial production and automotive sector and the energy sector stood out with a transaction volume of one billion dollars each.

USA AND ENGLAND ARE THE BIGGEST INVESTORS IN TURKEY

While the US and the UK were the two countries that invested the most in Turkey in the first 11 months, the US, the UK and Germany were the top three countries in terms of foreign investments with 18, 15 and 10 transactions, respectively. These three countries were followed by the United Arab Emirates with 6 transactions and Spain with 4 transactions.

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