Buy-Side Advisory in Turkey (Türkiye)
Independent M&A advice for foreign investors acquiring a Turkish company, from first screen to closing.
What is buy-side advisory?
Buy-side advisory is independent transaction advice given only to the buyer in an acquisition. Anatrica Partners advises foreign strategic and financial investors who want to acquire a company in Türkiye, in full or through a majority or minority stake. From Istanbul, we screen targets, value them, coordinate due diligence, negotiate the share purchase agreement and take the deal to closing. We never act for the seller on the same transaction.
Why Foreign Investors Are Acquiring Companies in Türkiye
Türkiye combines a domestic market of 85 million people with a manufacturing base integrated into European supply chains. It also offers a gateway to the Middle East, Central Asia and Africa. After several years in which currency volatility stalled pricing, 2025 brought a more stable valuation environment, and deals that had been postponed began to close.
Most mid-market targets in Türkiye are founder-led or family-owned businesses. That creates opportunity, but it also means the buyer's adviser has to do more of the work: normalising financials, separating the business from the family and bridging valuation expectations.
In 2025, foreign-led transactions accounted for roughly $7 billion of Türkiye's $11.8 billion M&A volume. Ceva Logistics acquired Borusan's supply chain business, and Poland's Benefit Systems bought the MacFit fitness chain.
Technology and software
The most active sector by deal count in 2025, with 25 transactions.
Financial services
The largest sector by deal value in 2025.
Manufacturing and supply chain
European investors buying capacity close to EU customers.
Consumer and retail
A large, young domestic market; a target for Gulf investors in particular.
Energy, infrastructure and healthcare
Expected to sustain deal flow through 2026.
What Foreign Buyers Need to Know Before Acquiring a Turkish Company
Türkiye is open to foreign acquirers, but a deal here has its own legal, regulatory and financial checkpoints. These are the ones we plan around from day one.
Foreign ownership and investment approvals
Under Foreign Direct Investment Law No. 4875, foreign investors receive the same treatment as Turkish investors, and there is no general foreign-investment screening regime. A foreign buyer can own 100% of a Turkish company in most sectors. The exceptions are sector-specific:
| Sector | Rule for foreign buyers | Authority |
|---|---|---|
| Broadcasting and media | Direct foreign capital capped at 50% of a media service provider | RTÜK |
| Civil aviation | Majority Turkish ownership and voting control required | DGCA (SHGM) |
| Energy | Prior approval of share transfers in licensed companies | EMRA (EPDK) |
| Banking and finance | Approval required for acquisitions crossing regulated shareholding thresholds | BRSA (BDDK) |
| Real estate | Limits on land held by foreign nationals and in security zones | Land Registry |
Merger control
The Turkish Competition Authority must clear an acquisition before closing if it meets the notification thresholds. Since February 2026, a filing is required when, for example, the target's Turkish turnover exceeds TRY 1 billion and another party's worldwide turnover exceeds TRY 9 billion, or when the parties' combined Turkish turnover exceeds TRY 3 billion and at least two of them each exceed TRY 1 billion. Technology companies established in Türkiye face a lower TRY 250 million threshold.
Inflation, currency and financial reporting
Inflation accounting rules in Türkiye have changed several times since 2023, and the inflation adjustment of tax books is suspended for the 2025–2027 financial years. The same company's figures can therefore sit on different bases from one year to the next. Before valuing a target, we restate its historical financials onto a consistent basis and translate them into USD or EUR.
Deal structure and price protection
Most mid-market deals in Türkiye still rely on holdbacks, escrow and specific indemnities; W&I insurance is growing but is mainly used on larger cross-border transactions. Earn-outs and deferred consideration are common ways to bridge valuation gaps. We also watch for the leakage between headline price and cash at closing. Read more in Value Leakage in M&A.
Founder-led and family-owned targets
In a family business, related-party transactions, informal arrangements and key-person dependence often only surface in due diligence. We look for them early, price them into the offer or turn them into conditions precedent.
Why Foreign Investors Work With Anatrica Partners
Buyer-side only, no conflicts
We represent the buyer exclusively on every buy-side mandate. On a transaction where we advise the buyer, we take no fee from the seller and play no role on the sell side.
Local knowledge, international standards
Our team works in Istanbul and knows how Turkish sellers, lawyers and regulators operate. We report in English, value in USD or EUR and follow International Valuation Standards (IVS).
Valuation as negotiating leverage
Our senior advisers hold individual Capital Markets Board of Türkiye (CMB/SPK) professional licences and lead the valuation work. See Business Valuation and Company Valuation Methods.
One point of coordination
We coordinate the legal, financial, tax and commercial advisers under one timetable. You make the decisions; we manage the process.
Senior attention on every deal
As a boutique, we do not apply a template. Senior team members stay directly involved from the first screen to closing.
A bridge to Africa and the Middle East
With offices in Istanbul and Johannesburg, we also support investors using a Turkish platform to expand into Africa and the Middle East, and Turkish groups acquiring abroad.
How We Run a Buy-Side Acquisition in Türkiye: 6 Steps
A typical acquisition in Türkiye takes 6 to 12 months from mandate to closing. Regulatory approvals and the depth of due diligence drive most of the variation.
Strategy and mandate
We agree your objectives, target profile, deal size, sectors and preferred structure: share deal or asset deal.
Sourcing and screening
We identify matching companies, including off-market targets, and approach owners confidentially to build a shortlist.
Valuation and modelling
Using data received under NDA, we restate financials and run DCF, EV/EBITDA and precedent transaction analyses.
LOI and non-binding offer
We draft the LOI or NBO and negotiate price range, payment structure, exclusivity and key conditions.
Due diligence
We manage financial, tax, legal and commercial due diligence and feed findings into price and SPA protections.
SPA and closing
We lead SPA negotiation, manage Competition Authority and sector approvals, and take the deal to closing.
Who We Advise and How Deals Are Structured
Our core work is inbound: foreign investors acquiring companies in Türkiye. We also advise on cross-border deals across Europe, the Middle East and Africa.
Target acquisition markets
- Inbound acquisitions in Türkiye by European strategic and financial investors
- Inbound acquisitions in Türkiye by Gulf, Middle East and African investors
- Turkish platforms as a base for expansion into Africa and the Middle East
- Outbound acquisitions by Turkish groups in Europe, Africa and the Middle East
Transaction types
- Full buyout (100% share acquisition)
- Majority or minority stake acquisition
- Joint ventures and strategic partnerships with Turkish companies
- Asset acquisitions and carve-outs
- Platform investments and add-on acquisitions
Frequently Asked Questions About Acquiring a Company in Türkiye
Short answers to the questions foreign investors ask us most often.
Can a foreign investor own 100% of a Turkish company?
Yes, in most sectors. Foreign Direct Investment Law No. 4875 gives foreign investors the same rights as Turkish investors. Limits apply in a few sectors, such as broadcasting (a 50% cap on direct foreign capital) and civil aviation (majority Turkish control).
Does an acquisition in Turkey need Competition Authority approval?
Only if the deal meets the merger control thresholds. Since February 2026, a filing is typically triggered when the target's Turkish turnover exceeds TRY 1 billion and another party's worldwide turnover exceeds TRY 9 billion. The deal cannot close until clearance is received.
How long does it take to acquire a company in Turkey?
Typically 6 to 12 months from mandate to closing. Target search and first offer take 2 to 4 months; due diligence, SPA negotiation and regulatory approvals take the rest.
How are Turkish companies valued given high inflation?
We restate historical financials onto a consistent basis, convert them into USD or EUR, and then apply DCF, trading multiples and precedent transactions. Earn-outs and deferred payments are often used to bridge valuation gaps.
Which sectors attract the most foreign buyers in Turkey?
In 2025, technology had the most deals and financial services the highest deal value. Manufacturing, consumer, energy and healthcare also attract strong foreign interest.
What does a buy-side adviser do that a law firm does not?
The law firm drafts and negotiates the legal documents. The buy-side adviser finds and screens targets, values them, runs the negotiation on price and structure, and coordinates all advisers to closing.
Planning an acquisition in Türkiye?
Tell us your sector, deal size and preferred structure. We will come back with a view on what is realistically available, the approvals your deal is likely to need and a proposed timetable.
Buy-Side Advisory Request Form
Call us at +90 212 706 72 58 or fill out our form. We will get back to you as soon as possible.