Competition Authority Quick Overview of the 2023 Merger and Acquisition Outlook Report


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The 2023 Merger and Acquisition Outlook Report (the “Report”), prepared by the Economic Analysis and Research Department of the Competition Authority (the “Authority"), was published on January 5, 2024, on the Authority's website.
Similar to previous years, the Report not only provides an assessment of the mergers and acquisitions reported in 2023 but also includes comparative analyses of transactions examined in previous years. This comprehensive approach outlines a framework for the commercial and economic activities expected to shape Turkey in the coming days, shedding light on potential investments for future investors in Turkey.

In this context, the report evaluates the current status of mergers, acquisitions, and privatization transactions in Turkey on a sectoral basis, offering significant insights into the future landscape. Some key highlights from the report are summarized below:

  • Decrease in Transaction Numbers, Increase in Transaction Value:Among the 217 mergers and acquisitions examined by the Authority in 2023, the total transaction value is 162 billion 555 million Turkish Lira. Out of these, 94 involve target companies of Turkish origin, with a total transaction value of approximately 163 billion Turkish Lira. The total transaction value for 113 transactions conducted by foreigners abroad is 57 trillion 362 billion Turkish Lira. The total transaction value for mergers and acquisitions among Turkish companies is 81 billion 924 million Turkish Lira, while transactions involving entirely foreign entities amount to 57 trillion 375 billion Turkish Lira. Foreign investors made investments of approximately 68 billion Turkish Lira in 35 transactions involving Turkish companies.

  • German Investors Lead: In terms of transactions, German investors top the list. While Germany made investments in three transactions in Turkey in 2022, this number increased to eight in 2023. Netherlands-based investors follow Germany. Countries such as Sweden, Japan, Israel, and Spain, which had investments in Turkish target companies in 2022, did not have any investments in 2023.
  • High Investment in Animal Production Activities: In terms of economic activities, mergers and acquisitions in the animal production sector have the highest transaction value. In 2023, among mergers and acquisitions where the target company is of Turkish origin, the highest number of transactions, 11 in total, occurred in the fields of "electricity generation, transmission, and distribution" and "computer programming and consulting."
  • Most Invested Sectors Globally in 2023: When foreign investors' planned 149 transactions worldwide in 2023 are ranked by economic activities, the sectors with the most investments globally are identified as computer programming, consulting and related activities, programming and publishing activities, manufacturing of food products, manufacturing of chemical products, basic pharmaceutical product manufacturing, and wholesale and retail trade and repair of motor vehicles and motorcycles.
  • 13-Day Review Period: Transactions reported to the Competition Authority in 2023 were finalized approximately 13 days after the notification.

For more detailed information on mergers and acquisitions examined by the Authority in 2023, you can access the Turkish version of the full report here. The report includes numerous comparative tables and graphs, providing essential analyses of the markets.

Nur Duygu Bozkurt, Senior Associate
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