The total value of merger and acquisition (M&A) transactions in Türkiye is estimated to have reached $10.1 billion in 2024, including undisclosed deals, according to KPMG Türkiye.
Türkiye's recent economic policies positively impacted M&A activities with an increase in transaction volume throughout 2024, the M&A advisory partner said, adding that it predicts the positive momentum will be maintained in 2025.
The value of disclosed mergers and acquisitions was some $5.3 billion, KPMG Türkiye said as it presented its annual report on Thursday, which said there were 475 deals last year.
M&A disclosed deals totaled $2.8 billion in 2023, rising to $7.5 billion including those undisclosed.
Despite a dip in deal volume, transaction values saw a "record" surge, the company said.
Among the biggest deals in 2024 was the acquisition of a 65.4% stake in e-commerce technology platform Hepsiburada by Kazakhstan-based banking and fintech giant Kaspi.kz for $1.1 billion.
It was followed by a $500 million late-stage investment in tech platform Insider by U.S.-based private equity firm General Atlantic.
Investors are interested in telecommunications, industrial production and automotive sectors in Türkiye, and interest in these sectors will continue in 2025, KPMG Türkiye M&A advisory partner, consumer goods and retail leader Özge Ilhan Acar said.
Acar attributed the increased interest to the conclusion of elections, removal from the Financial Action Task Force’s (FATF) “grey list,” and declining inflation.
"For instance, a private equity firm that had never considered Türkiye before has signed a confidentiality agreement to invest in a company operating in the industrial manufacturing sector," she said.
A German company is interested in several Turkish insurance companies, and there may also be some movement in Türkiye’s banking sector in 2025, she added.
Company officials also stated that foreign investors are particularly interested in the insurance and complementary health sectors.
