Three decades of Turkish companies’ M&A activity: Patterns, players, and the policy context

Year 2025, Volume: 54 Issue: 3, 427 - 450, 31.12.2025

Işıl Sevilay Yılmaz , Ayça Tekin-Koru

https://doi.org/10.26650/ibr.2025.54.1525670

https://izlik.org/JA56XS68FZ

Abstract

This study provides a descriptive overview of Turkish companies’ mergers and acquisitions (M&A) activity during the 1990–2023 period. Using deal-level data from the Refinitiv Eikon M&A database, we compile a cleaned sample of 5,754 transactions in which at least one party—the bidder or the target—is based in Türkiye. The dataset includes domestic and cross-border deals involving firms from more than 40 countries across five global regions. We analyze trends in deal volume, value, type, and sectoral composition, focusing on both domestic and cross-border transactions. The results indicate that the annual transaction value amounts to $7 billion on average, with notable peaks and troughs reflecting macroeconomic and geopolitical shifts. Domestic deals account for approximately half of all completed transactions, while acquirers from the European Union (EU) and the Gulf Cooperation Council (GCC) are prominent players in cross-border activity. We also examine changes in the composition of deals over time in terms of control transfers, sectoral alignment, and regional dynamics. This long-term perspective fills a significant gap in the literature on M&A in emerging markets, particularly for Türkiye.

Keywords

Mergers and acquisitions , Foreign direct investments , Cross-border acquisitions , Partial sales , Emerging markets

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