Turkish M&A Scene: “Investor appetite for high-quality assets is rising, large-scale deals are back”
m&a
Summary:
Türkiye’s mergers and acquisitions (M&A) market slowed slightly in terms of deal count in 2025, yet transaction value surged toward the USD 10 billion mark, driven by major deals such as Dream Games, TrendyolGO, MACFit and Hepsiburada.
Alpacar Associates Managing Partner Ali Alpacar says investor appetite for strong, scalable companies is rising again — with foreign interest markedly strengthening and larger deal sizes becoming more common across technology, fintech, consumer services and logistics.
Deal values surge as select high-quality assets attract competition
In 2025, the Turkish M&A market saw notable recovery compared with the previous two years. While deal volume slowed, transaction size and investor appetite grew significantly.
Alpacar Associates facilitated more than USD 700 million in transactions this year, placing the firm among the top four advisors by deal value in Türkiye.
Managing Partner Ali Alpacar summarises the year as follows:
“We are seeing a clear rebound in the Turkish M&A market, with strong investor appetite for high-quality assets despite macro uncertainties. Both strategic buyers and financial investors are shifting toward larger-scale deals.”
According to Alpacar, technology, consumer services and broader service industries led both venture funding and mature-company transactions.
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Key sectors: Technology, consumer services, fintech — and soon, logistics
Alpacar highlights three leading sectors in 2025:
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Technology
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Consumer-focused services
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Financial technologies
Looking ahead, he sees structural potential in logistics and industrial sectors:
“Türkiye’s geo-strategic role and evolving trade corridors create strong opportunities in logistics, ports and infrastructure. In fast-moving consumer goods, entertainment and lifestyle, demographic trends will continue to support growth.”
European supply-chain restructuring is also making Turkish machinery and industrial equipment manufacturers more competitive and acquisition-ready.
Foreign investor interest rises sharply: Big deals lead the way
One of the most striking developments of 2024–2025 is the return of foreign investors to Türkiye.
Alpacar notes:
“Foreign investor interest picked up significantly in 2024–25. MAC’s USD 432 million sale to Benefit Systems is a clear example of global appetite for well-governed and operationally strong Turkish companies.”
The technology sector remains the hottest segment:
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UBER’s acquisition of Trendyol GO
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Major new funding in Dream Games
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Paxie Games sold to a South Korean group
Foreign investors’ first questions centre on business culture and regulatory clarity:
“Türkiye’s business culture is very close to Western standards, supported by decades of global corporate presence. The country’s flexible production capacity and ability to scale operations quickly are major advantages.”
However, global investors demand more transparency and robust governance due to heightened sensitivity to macro volatility.
How should an entrepreneur prepare for an exit in 5–7 years?
Alpacar offers clear guidance for founders targeting a medium-term exit:
“From day one, financial records must be clean, transparent and comparable. Operational metrics should be systematically tracked and tied to financial outcomes.”
Independent audits, organisational continuity beyond founder involvement, and technology-enabled, scalable business models significantly increase valuation.
Alpacar Associates: Delivering global-bank quality advisory
After two decades in leading international investment banks, Alpacar founded Alpacar Associates 14 years ago with a clear vision:
“Our goal is to deliver M&A and financing advisory at the same level of quality and rigour as global banks. With our international partners, we provide clients access to global know-how and relationship networks.”
Recent transactions underline this capability:
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The competitive sale of MAC to a European strategic buyer
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Structuring the transfer of Polisan Holding to a local investor
Alpacar says these deals demonstrate the firm’s analytical depth, process discipline and differentiated advisory approach.
Outlook: Strong, sustainable investor interest in Türkiye
Türkiye’s young demographics, production capabilities, strategic location and increasingly sophisticated business environment are creating durable appeal for global capital.
“This is no longer a story about cheap assets — it’s about capability, scalability, technology adoption and operational excellence,” Alpacar stresses.
Source: Aposto Magazine
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