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On 7 January 2026, the Turkish Competition Authority ("TCA") published its Mergers and Acquisitions Overview Report for 2025 ("Report") on its website.
The Report includes a comprehensive overview of merger control in Türkiye in 2025 by providing statistics for merger control cases that took place, as well as comparisons with previous years.
In 2025, the Turkish Competition Board ("Board") examined a total of 416 mergers and acquisitions; the number of notified transactions in 2025 increased by 34% compared to the 311 transactions reported in 2024. Although the total number of transactions examined in 2024 reached the highest level of the past 12 years, the persistence of the upward trend into 2025 indicates a marked intensification of the Authority's merger control enforcement activities.
The average number of transactions covering the period from 2013 to 2025 was 240.
The number of transactions (excluding privatizations) in which the target company was established in Türkiye increased from 131 in 2024 to 162 in 2025. When categorized by party origin for transactions realized in Türkiye, of the examined transactions:
- The total number of transactions in which all parties are of Turkish origin was 93,
- The number of transactions in which at least one of the parties is of Turkish origin was 68, and
- The number of transactions in which all parties are of foreign origin was one.
Among transactions carried out abroad but subject to a notification obligation in Türkiye, it merits attention that the number of transactions in which all parties are of foreign origin amounts to 218. Taking into account that this figure was approximately 160 in 2024, it can be observed that the turnover thresholds in Türkiye have begun to remain low, particularly with respect to transactions between foreign companies, and, as a result, that the proportion of merger and acquisition transactions with no direct connection to Turkish markets that are nevertheless subject to the approval of the Turkish Competition Authority has increased.
In terms of notified mergers and acquisitions where the target company is located in Türkiye, "computer programming, consultancy, and related activities" and "generation, transmission, and distribution of electric energy" are the areas with the highest number of transactions in 2025. The highest transaction value occurred in the "activities of monetary financial institutions" sector.
The number of transactions carried out by foreign investors in Türkiye was 55 while the number of transactions consummated abroad and notified in Türkiye for the Board's approval was 226 in 2025.
When these transactions are ranked according to economic activity areas based on transaction value, the most prominent sectors invested in worldwide in 2025 are as follows:
- Software publishing
- Computer programming, consulting, and related activities
- Motion picture, video and television program activities
- Activities of monetary intermediary institutions
- Manufacture of basic chemicals, chemical fertilisers and nitrogen compounds, plastics and synthetic rubber in primary forms
An analysis of the number of transactions by investor origin reveals the Germany ranked first with nine transactions and the France ranked second with six. These countries were then followed by United States of America Germany with four transactions.
In terms of privatizations, there were 19 transactions resolved by the Board in 2025. These transactions relate to the sub-branches of the "production, transmission and distribution of electricity" "wholesale of household goods" and "manufacture of wires, cables and wired devices" sectors.
The Report states that, in 2025, all merger and acquisition transactions notified to the Turkish Competition Authority were finalized, on average, within 10 days as of the "final notification date". Although the Report provides no explanation as to the meaning of the term "final notification date" used in this context, pursuant to Article 11 of Communiqué No. 2010/4 Concerning the Mergers and Acquisitions Calling for the Authorization of the Competition Board, a notification is deemed to have been made on the date on which all missing information has been completed and the notification form has become complete and accurate. Accordingly, it may be inferred that the 10-day period referred to corresponds to the Authority's average review period following the submission of all requested information and documents. In this respect, it should be emphasized that the 10-day review period does not run from the date on which the notification form was initially submitted to the Turkish Competition Authority.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
