On January 7, 2026, Competition Authority (“CA”) has published the 2025 Mergers and Acquisitions Overview Report (“Report”).
The merger and acquisition overview report, published regularly each year by the CA, provides a comprehensive assessment of the relevant year, including statistical data such as transaction values and the distribution of investors by country for mergers and acquisitions during the year, as well as comparisons with previous years.
A review of the Report shows that a total of 416 mergers and acquisitions (including privatization transactions) were examined by the Competition Board (“Board”) in 2025. Compared to the total number of transactions examined in the previous year (311), an increase of approximately 33.8% was observed, and the total number of M&A transactions examined in 2025 was the highest in the last 13 years. Furthermore, 2025 was the year with the highest transaction volume in both TRY and USD since the Merger and Acquisition Overview Reports began publication in 2013.
The average annual number of transactions examined for the 2013-2025 period is 241.
Of the transactions examined (excluding privatization transactions), the number of transactions involving target companies established in Türkiye was 131 in 2024 and increased to 162 in 2025. Excluding privatization transactions, the volume of transactions involving companies headquartered in Türkiye in 2025 amounted to TRY 466.1 billion (USD 11.81 billion). Including privatization transactions, the total number of transactions was 181, and the total transaction volume amounted to TRY 574.2 billion (USD 14.54 billion).
According to the grouping based on the origin of the parties in transactions carried out in Türkiye;
▪️ The total number of transactions where all parties were of Turkish origin was 93,
▪️ The number of transactions where at least one of the parties was of Turkish origin was 68,
▪️ The number of transactions where all parties were of foreign origin was 1.
Considering the sectoral breakdown of transactions involving the target company in Türkiye, the highest number of transactions reported in 2025, as in 2024, was in the field of “computer programming, consultancy, and related activities.” The highest transaction value was in the field of “monetary intermediation”.
When examining transactions carried out by foreign investors in 2025 and subject to review by the Board, 55 transactions targeting Turkish-origin companies were reviewed, while the number for transactions carried out abroad was 219. Foreign investors made a total investment of TL 277.4 billion (USD 7.03 billion) in 55 transactions involving the aforementioned Türkiye-based companies. This investment amount went down in history as the second highest foreign investment volume in the last 12 years.
When the transactions carried out by foreign investors are ranked based on transaction value according to economic activity areas, the leading sectors for investment worldwide in 2025 are as follows:
▪️ Software publishing
▪️ Computer programming, consultancy and related activities
▪️ Motion picture, video and television program activities
▪️ Monetary intermediation
▪️ Manufacture of basic chemicals, fertilizers and nitrogen compounds, plastics and synthetic rubber in primary forms
One of the leading sectors, computer programming, consulting, and related activities, has been the sector with the highest number of transactions reported in Türkiye. Considering the prominent sectors, the fact that software and computer programming lead the way is indicative of the global trend.
When examining the distribution of transactions in Türkiye according to the nationality of foreign investors, Germany ranks first with 9 transactions and France ranks second with 6 transactions.
In terms of privatizations, there were 19 transactions decided by the Board in 2025, which is a significant increase compared to the 6 transactions in 2024. The highest transaction value among privatization transactions was approximately TRY 54 billion 630 million in the field of “production, transmission, and distribution of electricity.” Seven of the total 19 privatization transactions were carried out by the Savings Deposit Insurance Fund (TMSF).
Finally, the Report shows that, of the merger and acquisition transactions reviewed in 2025, only two transactions were subject to final review, and all applications were concluded within an average of 10 days. At this point, it should be noted that the aforementioned 10-day period is the period that begins after the parties have completed all missing information and/or information and documents requested by the Board in accordance with Law No. 4054 on the Protection of Competition.
You may access the full text of the 2025 Merger and Acquisition Overview Report published on the Competition Authority’s website on January 7, 2026, via the link below.
https://www.rekabet.gov.tr/Dosya/2025-yili-bd-gorunum-raporu-birlesik-en.pdf
This Legal Alert has been prepared for general information purposes only on current legal issues, and the evaluations contained in this Legal Alert do not constitute legal advice or a legal opinion. It is not possible to impose any liability on SRP-Legal Law Office due to the content of this Legal Alert. It is recommended to obtain the opinion of a legal advisor regarding your questions and enquires within the scope of this Legal Alert.
