Record number of company acquisitions in Turkey announced for 2024

Türkiye experienced a surge in mergers and acquisitions (M&A) activity in 2024, with total transactions hitting a new high of $10.1 billion, as reported by international professional services firm KPMG. Despite a decline in the number of transactions to 475, the disclosed transaction volume saw a significant increase to $5.3 billion compared to the previous year.

The technology, media, and telecommunications (TMT) sector emerged as a standout in terms of both transaction volume and the number of deals. The interest in this sector, along with energy, industrial production, and automotive industries, is expected to remain strong in the future.

Globally, M&A activity reached $3 trillion in 2024, showing a $270 billion increase from the previous year. However, the number of transactions decreased to 51,082 from 55,862 in 2023, according to KPMG.

Key acquisitions in Türkiye in 2024 included the acquirement of a 65.4% stake in Hepsiburada by Kazakhstan-based Kaspi.kz for $1.1 billion. Other notable transactions involved General Atlantic making a $500 million investment in Insider, ACG Metals (U.K.) acquiring Polimetal Mining for $225.5 million, and Palmet Energy purchasing Zorlu Energy Distribution for $200 million.

Moreover, Mubadala Investment Company (UAE) acquired full control of Getir, a Türkiye-based rapid delivery platform. These acquisitions spanned various sectors, including energy, industrial production, automotive, and pharmaceuticals.

KPMG pointed out that global geopolitical tensions, such as the conflicts in the Middle East and between Russia and Ukraine, along with domestic economic stabilization efforts in Türkiye following the 2023 general elections, played significant roles in shaping the economic landscape in 2024.

Despite these challenges, the positive impact of economic reforms in Türkiye was reflected in the increased M&A activity throughout 2024. KPMG forecasts that this trend will continue into 2025, supporting further growth in the sector.

The coming years are likely to see sustained momentum in M&A activities, with a focus on sectors such as technology, media, telecommunications, energy, industrial production, automotive, and pharmaceuticals. The M&A landscape in Türkiye remains dynamic and promising, offering opportunities for both local and international investors looking to capitalize on the country’s vibrant business environment.