Annual Report for 2024 is Published
The Turkish Competition Authority (TCA) has published its Annual Report for 2024, providing a detailed overview of merger and acquisition transactions reviewed during the year. Compared to the previous year, there has been a notable increase in both the number and value of transactions. A total of 311 transactions were examined in 2024, reflecting a continued interest from foreign investors in the Turkish market.
Among these, 131 transactions involved target companies of Turkish origin, with a total transaction value of approximately USD 6.81 billion (approx. TL 223 billion). Foreign investors completed 47 transactions in Türkiye, amounting to USD 3.03 billion (approx. TL 99 billion), while cross-border transactions by foreign entities totaled 164 with a combined value of USD 524.34 billion (approx. TL 17.19 trillion).
Sector-wise, the highest number of transactions occurred in consultancy, transactions), computer programming, and related activities (23 followed by electricity production, transmission, and distribution (13 transactions). The retail trade sector outside of shops, stalls, and markets registered the highest transaction value.
Privatization-related transactions included 6 reviewed cases with a total value of USD 957 million (approx. TL 31.36 billion). Notably, privatization in the culture, arts, entertainment, recreation, and sports sector amounted to approx. TL 16.52 billion.
The leading countries of foreign investors were the Netherlands and France, with other significant investors from Germany, the UK, Belgium, UAE, among others. For full more detailed information, the report (in Turkish) is available at: https://www.rekabet.gov.tr/Dosya/2024-yillik rapor-20250528154354093.pdf
TCA Says Things Have to Change in the World
Card Program The TCA reviewed the cooperation agreements regarding the World Credit Card Program which was granted exemption in line with the Competition Board's earlier decisions. After the review to determine whether to revoke the exemption, the Board decided that the agreements in their current form may not be granted individual exemption.
The TCA approved certain limitations — such as banks not targeting merchants in scope of each other's World Programs, not joining competing loyalty programs and not engaging in advertising and promotional activities that directly target other banks participating in the program — as eligible for exemption. However, other clauses were seen as overly restrictive.
To qualify for exemption, the agreements must be revised to:
- Allow negotiations with businesses already working with another World Program bank if said businesses are seeking to change service providers,
- Eliminate waiting periods so that a bank may offer World Program services immediately to businesses whose relationship with another World Program member has ended,
- Preserve banks' freedom to set card fees and interest rates,
- Ensure at least a 9-month period for card migration in case a bank decides to withdraw from the program.
The parties have 9 months to update the agreements or end the cooperation. Otherwise, enforcement action will follow.
Apple and Resellers Under the Microscope: Price Fixing and Data Sharing Probe Launched
The Turkish Competition Board launched a full-fledged investigation on February 27, 2025, into Apple and several other companies (Destek Bilişim, Easycep, Getmobil, and HB Bilişim) based on suspicions that Apple may have fixed resale prices for its products and/or coordinated buy-back prices in the secondary market.
Additionally, on the same date, the Board initiated a preliminary investigation into the possibility that companies operating in the buy back market and Apple resellers, under Apple's coordination, restricted competition through the exchange of competitively sensitive data via the Fintegre system.
Following the preliminary investigation, the Competition Board found sufficient evidence to open a full investigation against Apple, service provider Fintegre and retailers Media Markt, Teknosa, Artı Bilgisayar (Troy), Gürgençler Bilişim, Easycep, and HB Bilişim. This new investigation will be conducted jointly with the one initiated on February 27, 2025.
Price Tagged and Territory Flagged: Competition Crackdown on Arzum
The TCA has concluded its investigation into Arzum, a household appliances company, with a mix of settlement and commitments. Arzum was found to have intervened in the resale prices of its dealers and restricted where and to whom distributors could sell — particularly when Arzum was selling directly to certain dealers.
To resolve the regional/customer allocation issue, Arzum committed to clarifying in its dealership agreements that no territorial or customer-based restrictions would apply including a statement that there are no restrictions regarding online sales. The company also pledged to inform all dealers of this and provide annual competition law training.
As for resale price maintenance, the TCA imposed an administrative fine of TL 11.4 million (approx. EUR 254,000), applying a 25% discount due to Arzum's settlement.
Cement and RMX Concrete Cartel in Aydın
The TCA has concluded its investigation into cement and ready-mix concrete suppliers operating in Aydın. Çimentaş İzmir Çimento was fined TL 37.37 million (approx. EUR 832,000) for facilitating customer allocation between ready mix concrete companies in Didim.
Batıbeton, Öztürk Ticaret, and Şölen Çimento received fines of TL 37.85 million (approx. EUR 843,000), TL 28,000 (approx. EUR 620), and TL 1.22 million (approx. EUR 27,000) respectively, for engaging in price-fixing and market allocation practices. No violations were found for six other companies under investigation.
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