Company acquisitions in Türkiye achieve new record—here are key handovers of 2024

The Netherlands-based international professional services firm KPMG has reported that mergers and acquisitions (M&A) activity in Türkiye hit a new high in 2024, with total transactions reaching an estimated $10.1 billion.

According to the “Mergers and Acquisitions Trends in 2024” report released by KPMG Türkiye on Jan. 15, while the total number of transactions declined to 475 compared to the previous year, the disclosed transaction volume rose significantly to $5.3 billion.

Including the estimated values of undisclosed deals, the total transaction volume is projected to have reached $10.1 billion in 2024.

The technology, media, and telecommunications (TMT) sector stood out in terms of both transaction volume and number of deals.

Similar interest in the TMT sector, along with energy, industrial production, and automotive industries, is expected to continue in the coming years.

Globally, M&A activity reached $3 trillion in 2024, marking a $270 billion increase compared to the previous year; however, the number of transactions declined to 51,082 from 55,862 in 2023, KPMG indicated.

Key company acquisitions in Türkiye in 2024

• Kazakhstan-based Kaspi.kz acquired a 65.4% stake in Hepsiburada for $1.1 billion, marking the year’s only mega-deal.

• General Atlantic, a U.S.-based financial investor, made a $500 million late-stage investment in Insider, a marketing technologies company.
• UK-based ACG Metals (U.K.) acquired Polimetal Mining for $225.5 million in the energy sector.
• Palmet Energy purchased Zorlu Energy Distribution for $200 million.
• Dogan Holding acquired a 75% stake in Gumustas Mining for $123 million.
• Denmark-based DFDS acquired Ekol Transport for $253.6 million, expanding its logistics footprint in Türkiye.
• France-based Curium Pharma purchased a 50% stake in Eczacibasi Monrol for $121.8 million in the pharmaceutical sector.
• Koc Holding acquired an 80% stake in Kemer Medical Center for $96.3 million.
• Quexco (U.S.) acquired Mutlu Battery from South Africa’s Metair for $110 million.

Undisclosed acquisitions

• Can Holding acquired Ciner Media Group in the TMT sector, which includes prominent Turkish television channels such as Show TV, Haberturk, Bloomberg HT, and HT Spor.

• Tosyali Holding purchased Bastug Metalurji in industrial production and automotive.
• Mubadala Investment Company (UAE) took full control of Getir, a Türkiye-based rapid delivery platform.

• Egypt-based MNT-Halan acquired all shares in Tam Factoring in the financial services sector.

M&A activities likely to sustain positive momentum in 2025

KPMG emphasized that global geopolitical tensions in the Middle East, the ongoing Russia-Ukraine conflict, the U.S. presidential elections, slowing global growth and inflationary pressures shaped the global economic landscape in 2024.

Domestically, Türkiye focused on economic stabilization following the 2023 general elections, inflation control, post-earthquake reconstruction efforts, and the completion of local elections in March, KPMG’s report noted.

KPMG remarked that Türkiye’s economic reforms positively impacted M&A activity throughout 2024, as reflected in the rising transaction volumes.

The company forecasts that this positive trajectory will continue into 2025, supporting further growth in the sector.