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Mergers andAcquisitions Report Turkey 2017January 2018

In 2017, as economic, political and security related issues dominated the global

agenda, the FED’s ongoing interest hikes continued to hurt emerging economies.

Yet despite this and a weakened Turkish Lira, Turkey reported high growth, especially

in the third quarter as a result of domestic measures taken to boost trading and

support businesses. Whereas global M&A activity remained similar to the previous

year, M&A activity in Turkey experienced an increase in transaction volume although

the number of transactions was flat. After such a year, we share with you the

sixteenth “EY Mergers and Acquisitions Report”, a widely respected and much used

reference material by all market players.

The EY Mergers and Acquisitions Report 2017 is a thorough compilation of the facts

and trends in mergers and acquisitions that were realized in Turkey in 2017, including

comparisons with previous years. The Report also presents the results of our

traditional “Mergers and Acquisitions in Turkey Survey” whose participants comprised

shareholders and upper management of prominent public institutions and private

sector companies in Turkey.

We thank the survey participants for their contribution and support, as well as the

EY Corporate Finance Services Team who prepared the EY Mergers and Acquisitions

Report 2017.

Metin Canoğulları Müşfik Cantekinler

EY Turkey EY Turkey

Country Leader Head of Corporate Finance Services

16 January 2018

Foreword

Content

General evaluation 5

Investor profile 8

Sectoral breakdown 12

Public sector deals 14

Transaction volumes 15

2018 overview 16

The overlook of the Turkish Business World towards the M&A Market 18

List of M&A transactions in 2017 25

Basis of preparation of the study 32

Mergers and Acquisitions Report Turkey 2017

Mergers and Acquisitions Report Turkey 2017 5

General EvaluationThere were many noteworthy developments in 2017; the FED’s interest rate hikes and the consequential weakening of emerging market currencies, the rising tension between North Korea and the US following nuclear ballistic missile testing and conflict risk, and the rise of far right politics during the elections in Germany, France and the Netherlands. Moreover, the independence referendum in the Catalonia region of Spain yet again indicated a heightened risk for the spread of independence movements as well as the potential break-up of the European Union. Turkey was not immune to these events. Ongoing political uncertainty and security problems in the Middle East continued to affect many EU countries, not least of all Turkey. Turkey’s international relations were also tested, with ongoing political tension with the US and the EU. In light of these developments, Turkey’s M&A activity was relatively more positive yet significantly below its potential.

2017 was a year of uncertainties for the future of the EU, following the independence referendum in the Catalonia region of Spain and continued fall out risk following the Brexit decision in 2016. Added to this, several other developments directly affected the Turkish economy such as the continued state of emergency which was aftermath of the failed coup attempt, the constitutional referendum in April, Fitch’s downgrading of Turkey’s credit rating to below investment grade, political tension between Turkey and the US and the EU, and the devaluation of the Turkish Lira against the US dollar and Euro. Nevertheless, a heightened growth rate, particularly in the third quarter as a result of various measures taken to boost trade (tax incentives and liquidity support from the Credit Guarantee Fund) were positive and important highlights for Turkey.

Radical changes in the foreign affairs and economic policy of the United States and continuation of the FED’s interest rate hikes also had substantial effects on emerging economies, Turkey included. In 2017, this manifested itself in the form of increased domestic interest rates, pressure on the Turkish Lira, which in turn affected M&A activity.

As a result, investors continue their cautious stance on M&A activity. Based on sources available to us, the number of mergers and acquisitions in Turkey was 251. This number is comparable to the previous year although transaction volume increased, mainly as a result of a slightly higher number of large ticket transactions. To put this into perspective, this trend was consistent with that of global M&A, which also remained at a level comparable to the previous year.

In 2017, the number of transactions was on par with the previous year while the total transaction volume increased…

Figure 1: Disclosed number of deals (2017)

124 deals 51%49% 127 deals

Value notdisclosed

Valuedisclosed


In our 2016 report, the total disclosed number of deals realized in Turkey was 101, while the total disclosed value was US$4.6 billion. We highlighted that none of the transactions exceeded one billion US dollars and only 17 were above US$100 million. We observed that investors were not only interested in large companies in Turkey, but also expressed significant interest towards SMEs.

In 2017, there was a total of 127 deals with disclosed values totaling US$7.4 billion. Among all transactions, only one transaction exceeded one billion US dollars. While high value transactions slightly increased total transaction volume, the fact that there were only 17 deals over US$100 million highlights investors’ continued interest in SMEs, as was the case in previous years. On the other hand, of the deals with undisclosed values, we know that some were realized with deal values greater than US$100 million. Including our estimates for the deals with undisclosed values, we anticipate that the total transaction volume in 2017 was US$10 billion.

238 private sector deals were realized in 2017 generating a total of US$6.8 billion or 91% of the total volume of all disclosed transactions. In addition, 13 public sector deals generated a total transaction volume of US$604 million. Since there was a major slowdown in public sector deal activity, private sector deals dominated the total transaction volume. Furthermore, the share of total transaction volume was dominated by foreign investors; foreign investors accounted for 62% of the total transaction volume. Due to the negative developments in the region and global economic uncertainty, foreign investors’ interest in Turkey was significantly below its potential in 2017. In our 2016 report, we noted that the total transaction volume of M&A transactions for 2017 was expected to be between US$6 billion and US$10 billion based on our survey of prominent members of the Turkish business community. As a result of the political and economic uncertainties and the security issues in the neighbouring region, actual results for 2017 were in line with these expectations.

We believe that it may take a while for the political and economic uncertainties and security issues to subside. Therefore, we expect 2018 to be a similar year to 2017 for M&A activity.

* In this graph, we consider all transactions that were realized as of the reports’ publishing dates without adjusting for any which may have been subsequently cancelled.

Figure 2: Disclosed deal value*

2017

10.7

4.67.4

26.4

11.5

23.2

13.7

17.7

0

5

10US$

bill

ion

15

20

25

30

2009 2010 2011 2012 2013 2014 2015 2016

3.9


In 2016, there were no transactions greater than one billion US dollars, and the total volume of the top 10 deals was US$2.9 billion. Of the top 10 deals, 3 were in the public sector, and 7 were private sector deals. Public sector deals accounted for 28% of the top 10 deals’ total value and included the Transfer of Operating Rights tender of the Menzelet and

Kılavuzlu HPPs (won by Akfen Holding for US$400.9 million, tender being subsequently cancelled), the Transfer of Operating Rights tender of the Almus and Köklüce HPPs (won by Gül Energy for US$250.2 million), and the privatization tender of TP Petroleum Distribution (won by Zülfikarlar Holding for US$159 million). Private sector deals accounted for 72% of the total value of the top 10 deals. Major private sector deals in the top 10 were the acquisition of Mars Entertainment Group by CJ CGV for US$689.2 million, and the acquisition of a 23.6% stake in Odeabank by the International Finance Corporation (IFC), the European Bank of Reconstruction and Development (EBRD) and private investors for US$265 million. In 2017, there was only one transaction greater than one billion US dollars and the total volume of the top 10 deals was US$5.2 billion. Only one of the top 10 deals was in the public sector and the remainder in the private sector. Private sector deals accounted for 93% of the total value of the top 10 deals: the acquisition of OMV Petrol Ofisi by Vitol Investment for US$1.44 billion, the acquisition of 9.95% stake in Garanti Bank by BBVA for US$917 million, the acquisition of 40% stake in Mersin Port by IFM Investors for US$869 million, the acquisition of Osmangazi EDAŞ and EPSAŞ by Zorlu Enerji for US$360 million and the acquisition of İçerenköy Shopping Mall by Gülaylar Group for US$320 million. Public sector deals accounted for 7% of the total value of the top 10 deals: The Transfer of Operating Rights tender of the Menzelet and Kılavuzlu HPPs was won by Entek Elektrik for US$365 million.

In 2016, due to fewer large volume transactions and the associated decrease in total transaction volume, the top 10 deals accounted for 62% of all transactions with disclosed values. In 2017, it increased to 71% with the help of a higher number of large volume transactions. The average size of the top 10 transactions was US$524 million, while the average size of all disclosed transactions was US$58 million. The average size of public sector deals was US$50 million and the average deal size for private sector was US$59 million. Of the private sector transactions with disclosed values, only 15 transactions exceeded US$100 million. The remaining 100 deals averaged just US$12 million. Thus, in line with 2016, the vast number of deals in 2017 were small and medium sized transactions. We expect such transactions by both domestic and foreign investors to continue in the following years not only because of investors who aim to benefit from Turkey’s mid-long term growth potential, but also their aim to operate within the region, using their Turkish operations as a hub.

Target Sector Acquirer Country of Acquirer Stake Deal Value

(US$ million)

OMV Petrol Ofisi Energy Vitol Investment Netherlands 100.00% 1,441.0

Garanti Bank Financial Services BBVA Spain 9.95% 917.0

Mersin Port Transportation IFM Investors Australia 40.00% 869.0

Menzelet HPP, Kılavuzlu HPP Energy Entek Elektrik Turkey N/A 365.0

Osmangazi EDAŞ and EPSAŞ Energy Zorlu Enerji Turkey 100.00% 360.0

İçerenköy Shopping Mall Real Estate Gülaylar Group Turkey 100.00% 320.0

Metropol İstanbul Shopping Mall Real Estate Kefeli-Dekorsel Joint Venture Turkey 100.00% 301.6

Banvit Food and Beverage BRF, Qatar Investment Authority (QIA) Brazil, Qatar 79.48% 299.0

Siirt Madenköy Copper Mine Mining Cengiz İnşaat Turkey 100.00% 195.0

Unit International Energy Energy SK Engineering South Korea 30.00% 177.0

Table 1: Top 10 deals with disclosed values

N/A: Not applicable

Major Deals


Investor ProfileIn 2017, due to the FED’s ongoing interest rates hikes, currencies of the developing economies continued to weaken in addition to persisting political and economic risks in the neighbouring region. In Turkey, the number of M&A transactions in 2017 was comparable to 2016 whereas the total transaction volume was higher, albeit significantly below its potential. If we look at Turkey’s transaction history over the years, transaction volume decreased in 2015 but the total number of transactions

remained comparable. In 2016, we observed a significant decrease in both transaction volume and in the number of transactions. In 2017, we observed an increase in transaction volume while the number of transactions remained comparable. In terms of investors’ origin, foreign investors outperformed domestic investors (as they did in 2016), and created a transaction volume of US$4.6 billion versus US$2.8 billion. In terms of the number of transactions, domestic investors preserved their comparatively stronger position against foreign investors in recent years with 173 transactions compared to 78 transactions by foreign investors in 2017.

Figure 3: Breakdown of transaction volume by Turkish and foreign investors*

2.1 2.82.5

4.6

18

16

14

12

10

8

6

4

2

0 2009 2010 2011 2012 2013 2014 2015 2016 2017

4.1

2.4

16.5

9.9

6.6

1.5

5.1

11.510.4

13.1

6.4

11.7

3.34.6

US$

bill

ion

Turkish Investors Foreign Investors

* In this graph, we consider all transactions that were realized as of the reports’ publishing date without adjusting for any which may have been subsequently cancelled.

Foreign investors constituted 62% of the total transaction volume…

Foreign investors lagged behind domestic investors in 2013 and 2014 in terms of transaction volume, but outperformed them in 2015 and 2016. In 2017, foreign investors accounted for 62% of the total volume of transactions, constituting US$4.6 billion total transaction volume and again outperformed domestic investors. In terms of the number of transactions, foreign investors recorded 78 transactions which is lower than domestic investors (as has been the case in the last eight years).

In terms of the number of transactions, domestic investors recorded a lower number in 2014 but stayed flat in 2015. The number of transactions by domestic investors decreased in 2016 and then increased in 2017.

Domestic investors maintained their position ahead of foreign investors in terms of the number of transactions…


Based on disclosed transaction values, the average investment size by foreign investors in 2017 was approximately US$142 million (2016: US$68 million). The largest transactions realized by foreign investors were namely; OMV Petrol Ofisi-Vitol Investment and Garanti Bank-BBVA. Excluding these two transactions, the average investment size by foreign investors was US$69 million compared to US$44 million in 2016. Hence, we conclude that foreign investors invested in companies that are larger in size than the previous year.

As in the past, based on the number of deals, investors from the EU and the US dominated foreign investor transactions in 2017, although with less effect. EU countries and the US were followed by the UAE, Japan, South Korea and India. In 2017, the US headed the list in terms of the number of transactions with 14 deals, followed by France with 7 deals, Luxembourg and the UAE with 6 deals.

Figure 4: Breakdown of the number of transactions by domestic and foreign investors*

* In this graph, we consider all transactions that were realized as of the reports’ publishing date without adjusting for any which may have been subsequently cancelled.

Turkish Investors

Foreign Investors

2009 2010 2011 2012 2013 2014 2015 2016 2017

250

200

150

100

50

0

199 196

222

6254

119 123

78

173

114

148 145

184

93

119131

150

93

In 2017, the US, France, Luxembourg and the UAE stood out among foreign investors based on the number of transactions…

Figure 5: Breakdown of the total number of deals completed by origin of investor

Turkey US France Luxembourg UAE Japan UK South Korea India Sweden Austria South Africa Switzerland Other

200

180

160

140

120

100

80

60

40

20

0

14

173

7 6 6 4 4 3 3 3 3 3 319


The volume of private equity transactions and the share of the total disclosed transaction volume increased. Private equity funds executed deals with a total disclosed value of US$1.2 billion in 2017 compared to US$331 million in 2016.

Amongst the disclosed transactions by private equity funds in 2017, the transaction with the highest deal value was IFM Investors’ investment in Mersin Port. Another notable deal amongst transactions with disclosed values was QIA’s investment in Banvit. Although the deal values were not disclosed, Actera and Esas Holding's investment in Korozo Packaging, Actera’s investment in Gratis, The Abraaj Group's investment in Netlog and Turkven’s investment in MNG Kargo were the other significant transactions realized by private equity funds.

In terms of transaction volume, the Netherlands ranked first in 2017 with US$1.44 billion, followed by Spain with US$921 million. These two countries aside, EU countries were not prominent in 2017. Other countries worth highlighting were Australia, South Korea and the US.

Private equity interest in Turkey increased in 2015 and 2016. In 2017, the number of transactions involving private equity funds increased to 82 (2016: 70 transactions) and the share in the total transactions accounted for 33% (2016: 29%).

Figure 7: Investor types by number of deals completed and transaction volume

In 2017, the Netherlands led the way in terms of transaction volume…

In 2016, interest in Turkey by private equity funds increased both in number and in volume...

169 deals

82 deals

Financial Investors33%

Strategic Investors67% US$6,183 million

US$1,207 million

Strategic Investors84%

Financial Investors16%

Figure 6: Breakdown of the total transaction volume by origin of investor

Turkey Netherlands Spain Australia South Korea US Brazil Qatar France Other

3,000

2,500

2,000

1,500

1,000

500

0

US$

mill

ion

2,838

1,441

921 869

246 206 179 167 160

363


Acquirer Country of Acquirer Target Sector Stake Deal Value (US$ million)

500 İstanbul Turkey BuyBuddy IT Not Disclosed Not Disclosed500 İstanbul Turkey Fazla Gıda IT Not Disclosed Not Disclosed500 İstanbul Turkey Insider IT Not Disclosed Not Disclosed500 İstanbul Turkey Peoplise IT Not Disclosed Not Disclosed500 İstanbul Turkey Rakam IT Not Disclosed Not Disclosed500 İstanbul Turkey Vivoo IT Not Disclosed 0.1ACT Venture Partners Turkey Ambeent IT Not Disclosed 1.4ACT Venture Partners Turkey Ardıç IT Not Disclosed 1.2ACT Venture Partners Turkey BioCapSOL Chemicals Not Disclosed 0.2ACT Venture Partners Turkey Botanalytics IT Not Disclosed 1.1ACT Venture Partners Turkey FalconAI IT Not Disclosed 2.9ACT Venture Partners Turkey Flank IT Not Disclosed 0.6ACT Venture Partners Turkey GlakoLens Biyomedikal Healthcare Not Disclosed 1.4ACT Venture Partners Turkey RS Research Healthcare Not Disclosed 2.2ACT Venture Partners Turkey Skysens IT Not Disclosed 0.8ACT Venture Partners Turkey TeamSQL IT Not Disclosed 1.2ACT Venture Partners, 500 Istanbul Turkey App Samurai IT Not Disclosed 1.9ACT Venture Partners, 500 İstanbul Turkey Spirohome Healthcare Not Disclosed 1.4ACT Venture Partners, Girişimtürk Turkey Segmentify IT Not Disclosed 2.2ACT Venture Partners, İTÜ ARI Teknokent, Bluestein & Associates Turkey, US Monument IT Not Disclosed 2.5ACT Venture Partners, Social Capital, ScaleX Ventures Turkey, US Picus Security IT Not Disclosed 1.6Actera Turkey Gratis Retail 55.00% Not DisclosedActera, Esas Holding Turkey Korozo Packaging Manufacturing 69.70% Not DisclosedAk Portföy Girişim Sermayesi Turkey TrioMobil IT 30.00% Not DisclosedAk Portföy Girişim Sermayesi Turkey Turkuaz Sağlık Healthcare 20.00% Not DisclosedCapria Ventures, idacapital US, Turkey Reengen IT Not Disclosed Not DisclosedDiffusion Capital Partners Turkey Appsilon Chemicals Not Disclosed 1.2Diffusion Capital Partners Turkey ATAR Labs IT Not Disclosed 3.0Diffusion Capital Partners Turkey BMT BAPS Healthcare Not Disclosed 0.9Diffusion Capital Partners Turkey Burgeon IT Not Disclosed 3.0Diffusion Capital Partners Turkey Entekno Chemicals Not Disclosed 1.6Diffusion Capital Partners Turkey Episome Biotech Chemicals Not Disclosed 1.4Diffusion Capital Partners Turkey Fu Gayrimenkul Services Not Disclosed Not DisclosedDiffusion Capital Partners Turkey MagSpin IT Not Disclosed 0.9Diffusion Capital Partners Turkey SBS Healthcare Not Disclosed 1.5Diffusion Capital Partners Turkey Tazi IT Not Disclosed 1.2Diffusion Capital Partners Turkey V-Count IT Not Disclosed 1.5Diffusion Capital Partners Turkey Virasoft Healthcare Not Disclosed 0.4Earlybird Venture Capital Luxembourg Apsiyon IT Not Disclosed 2.0Earlybird Venture Capital Luxembourg Dolap IT Not Disclosed Not DisclosedEarlybird Venture Capital Luxembourg Obilet IT Not Disclosed Not DisclosedEarlybird Venture Capital Luxembourg Tapu.com IT Not Disclosed 1.2Earlybird Venture Capital Luxembourg Vivense IT Not Disclosed 8.2Founders Factory UK Fitwell IT Not Disclosed 0.6Franklin Templeton Investments US Gözde Venture Capital Financial Services 5.00% 12.2Galata Business Angels Turkey Vispera IT Not Disclosed Not DisclosedGalata Business Angels, İstanbul Startup Angels Turkey Jetract IT Not Disclosed Not DisclosedHedef Venture Capital Turkey Seyitler Kimya Chemicals 57.28% 3.8IFM Investors Australia Mersin Port Transportation 40.00% 869.0İstanbul Startup Angels Turkey Datapare IT Not Disclosed 0.1İstanbul Startup Angels Turkey OLEV IT Not Disclosed 0.3İstanbul Startup Angels Turkey Sports & Merits Services Not Disclosed 0.1Keiretsu Forum US IUGO IT Not Disclosed 0.4Keiretsu Forum US Marketyo IT Not Disclosed 0.4Keiretsu Forum US Taglette IT Not Disclosed 0.4Keiretsu Forum, Girişimtürk US, Turkey Poltio IT Not Disclosed Not DisclosedLogo Ventures Turkey Vispera IT 10.00% 1.2MAP Investments Turkey Mycey (C Bebek) Retail 55.00% Not DisclosedMayhoola for Investments Qatar Boyner Retail 12.00% 47.0Mediterra Turkey Glasshouse IT 100.00% Not DisclosedMediterra Turkey Tavuk Dünyası Food and Beverage 23.35% Not DisclosedMiddle East Venture Partners (MEVP), Hummingbird Ventures UAE, Belgium Modacruz IT Not Disclosed 2.0Monkfish Equity Germany Kolay İK IT Not Disclosed 1.0Pera Capital Partners Turkey Bimser IT Not Disclosed Not DisclosedPera Capital Partners Turkey PTS Worldwide Transportation 45.00% Not DisclosedQatar Investment Authority (QIA) Qatar Banvit Food and Beverage 31.79% 119.6Revo Capital Turkey Logiwa IT Not Disclosed Not DisclosedRevo Capital, 500 İstanbul Turkey Sinemia IT Not Disclosed 1.5Sankonline, 500 İstanbul, Nexus Ventures Turkey Evreka IT Not Disclosed 0.7Sankonline, Howzat Partners Turkey, UK Otelz IT Not Disclosed 3.8StartersHub, Boğaziçi Ventures Turkey Eyedius IT Not Disclosed 0.3Taxim Capital Turkey Suwen Retail 51.00% Not DisclosedThe Abraaj Group UAE Biletall IT Not Disclosed Not DisclosedThe Abraaj Group UAE KFC Turkey Food and Beverage 100.00% Not DisclosedThe Abraaj Group UAE Netlog Transportation Not Disclosed Not DisclosedTroya Capital Turkey Beştepeler Enerji Energy 51.00% 77.0Turkven Turkey Vansan Makina Manufacturing 60.00% Not DisclosedTurkven Turkey MNG Kargo Transportation 100.00% Not DisclosedTurkven Turkey Zirve Yazılım IT Not Disclosed Not DisclosedTurkven, Earlybird Venture Capital Turkey, Luxembourg Mikro Yazılım IT 80.00% Not DisclosedVostok Emerging Finance, 212 Capital Partners, Amadeus Capital Partners Sweden, Turkey, UK iyzico IT Not Disclosed 15.0Wamda Capital, STC Ventures UAE, Turkey Modanisa IT Not Disclosed Not Disclosed

Table 2: Transactions realized by private equity funds


In 2017, as was the case in 2016, the energy sector ranked first in terms of transaction volume and the IT sector ranked first in terms of number of transactions.

Large volume transactions in the private sector, as well as continuing (though at a declining rate) privatizations, were the main reasons for the energy sector to rank first again in terms of transaction volume this year. Four of the top 10 transactions in 2017 were in the energy sector. In addition, a significant number of private sector energy transactions were realized in line with Turkey’s growing energy needs. In 2018, we expect to see privatization of additional energy generation assets as well as intense M&A activity in the private sector. As a result, we anticipate that the energy sector will continue to attract interest from investors as was the case in the recent years.

Transportation, financial services and real estate were also among the leading sectors in terms of transaction volume in 2017. The food and beverage sector stood out in terms of transaction volume and number of transactions, while the healthcare and manufacturing sectors were notable in terms of the number of transactions.

Sectoral Breakdown

Figure 8: Sectoral distribution of target companies by transaction volume

2,878

1,330998

650205

393 281 198457

Energy

Transp

ortatio

n

Finan

cial S

ervic

es

Food a

nd Bev

erage

Retail

Mining

Real E

state IT

Other

US$

mill

ion

3,000

2,500

2,000

1,500

1,000

500

0

Figure 9: Sectoral distribution of target companies by number of transactions

IT

Transp

ortatio

n

Energy

Health

care

Food a

nd Bev

erage

Finan

cial S

ervic

es

Manufac

turing

Retail

Chemica

ls

Servic

es

Automotive

Real E

state

Texti

leOther

75

19

37

18 16 13 12 12 10 9 5 5 515

8070605040302010

0


Energy

The energy sector, which ranked first in terms of transaction volume with 30 transactions and US$1.6 billion in 2016, topped the table again in 2017 in terms of transaction volume (US$2.9 billion) and ranked second in terms of the number of transactions (37). The highest value transaction in the sector was the acquisition of OMV Petrol Ofisi by Vitol Investment for US$1.44 billion. Other notable energy transactions included the privatization of the Menzelet and Kılavuzlu HPPs via a Transfer of Operating Rights (acquired by Entek Elektrik for US$365 million), the acquisition of Osmangazi EDAŞ and EPSAŞ by Zorlu Enerji for US$360 million, and the acquisition of a 30% stake in Unit International Energy by SK Engineering for US$177 million. We expect to see M&A activity in the energy sector in 2018 in the form of privatization tenders of electricity generation assets, private sector transactions, new partnership structures in the already-privatized electricity generation and distribution assets.

Transportation

In 2016, the transportation sector ranked seventh in terms of transaction value with 6 transactions and US$303 million. The sector ranked second in terms of transaction volume (US$1.3 billion) and ranked third in terms of number of transactions (19). The highest value transaction in the sector was the acquisition of a 40% stake in Mersin Port by IFM Investors for US$869 million.

Financial Services

In 2016, the financial services sector ranked third in terms of transaction volume with 25 transactions generating a total transaction volume of US$525 million. In 2017, the sector again ranked third in terms of transaction volume (US$998 million) and ninth in terms of number of transactions (10). The largest transaction in the sector was the acquisition of a 9.95% stake in Garanti Bank by Banco Bilbao Vizcaya Argentaria (BBVA) for US$917 million.

Real Estate

The real estate sector ranked sixth in terms of transaction volume in 2016 with 6 transactions totaling US$336 million. In 2017, it ranked fourth in terms of transaction volume with 5 transactions totaling US$650 million. In 2017, the highest volume transactions in the real estate sector were the acquisition of İçerenköy Shopping Mall for US$320 million and the acquisition of Metropol İstanbul Shopping Mall for US$301.6 million by the Kefeli-Dekorsel Joint Venture. The acquisition of a 50% stake in Adana Optimum Shopping Mall by Rönesans Gayrimenkul and the acquisition of İnegöl Shopping Mall by FIBA Commercial Properties were other noteworthy transactions in the sector although the deal values were not disclosed.

Food and Beverage

In 2016, the food and beverage sector, which generated a total volume of US$353 million from 14 transactions, ranked fourth in terms of transaction volume. In 2017, the sector ranked fifth in terms of both transaction volume (US$393 million) and number of transactions (16). The largest transaction in the sector was the acquisition of a 79% stake in Banvit by BRF and Qatar Investment Authority (QIA) for US$299 million.

IT

In 2016, the IT sector ranked first in terms of number of transactions (70). In 2017, the sector held its rank in terms of number of transaction (75) and ranked sixth in terms of transaction volume with US$281 million. The largest transaction in the sector was the acquisition of mobile card game studio of Peak Games by Zynga for US$100 million.

Other Sectors

Other notable sectors in 2017 were mining with the acquisition of Siirt Madenköy Copper Mine by Cengiz İnşaat for US$195 million and retail with the acquisition of a 9.75% stake in Migros by Anadolu Endüstri Holding for US$143.6 million. In addition, the Korozo Packaging transaction in the manufacturing sector and the Gratis transaction in the retail sector were notable transactions although the deal values were not disclosed.


In 2016 public sector deals totaled US$1.1 billion, or 23% of the total transaction volume. In 2017, this significantly decreased to US$604 million, or 9% of the total transaction volume. The decrease in volume was a result of the failure to execute planned privatizations and tenders for the Transfer of Operating Rights due to political concerns and economic issues both in Turkey and abroad and the transfer of certain assets that were within the scope of privatization to the Turkish Sovereign

Wealth Fund. In 2017, almost all of the privatizations were in the form of Transfer of Operating Rights.

In 2017, the most noteworthy public sector deals were the privatization of the Menzelet and Kılavuzlu HPPs via a Transfer of Operating Rights (won by Entek Elektrik for US$365 million) and the privatization of the Taşucu Port via a Transfer of Operating Rights (won by Metal Yapı Konut for US$114.7 million). Together these two public sector deals constituted 79% of the total public sector transaction volume.

It is notable that, as in previous years, domestic investors were the main participants and winners of the privatization tenders in 2017.

Expected public sector deals in 2018 include the sale of companies which were transferred to the Savings Deposit Insurance Fund (SDIF), privatization of the Fenerbahçe-Kalamış Marina, Tekirdağ Port and electricity generation assets owned by EÜAŞ (State Electricity Generation Company). If these transactions realize in 2018, the transaction volume of public sector deals is expected to easily exceed the 2017 level.

Public Sector Deals

In 2017, public sector deals constituted only 9% of the total M&A volume…

Figure 10: Number and volume of public transactions

2 dealsPrivatization 1%

1 dealSDIF 1%

238 dealsPrivate Deals94%

10 dealsTransfer of Operating Rights4%

Transfer of Operating Rights8%US$0.59 billion

Private Deals91%US$6.79 billion

Privatization 1%US$0.01 billion


While there were no transactions exceeding one billion dollars in 2016, one was realized in 2017; Vitol Investment’s acquisition of OMV Petrol Ofisi for a total consideration of US$1.44 billion was the highest value transaction announced in 2017. The acquisition of a 9.95% stake in Garanti Bank by BBVA with a deal value of US$917 million was another remarkable transaction. It is also worth mentioning that no public sector deal exceeding one billion US dollars was realized in 2017 as was the case in 2016.

Also, similar to 2016, the total deal volume in 2017 was hurt not only by smaller but also by fewer public sector deals. The total number of transactions with deal values less than US$50 million constituted 80% of the total number of transactions with disclosed values, similar to the last four years. Moreover, small sized transactions that constituted an important part of total transactions in terms of the number of deals and the small number of high value transactions contributed to the deterioration in the average transaction size in 2017. The fact that there is only one transaction over one billion US dollars was also a significant factor.

In 2017, the top 10 deals accounted for 71% of the total disclosed transaction volume. If we include transactions with undisclosed values in our assessment of total transaction volume (approximately US$10 billion), this ratio falls to 58%. These percentages increased compared to 2016.

Transaction Volumes

Also worth highlighting is the significant increase in the volume of transactions in 2017 compared to 2016. While there were no billion dollar transactions in 2016, the one billion dollar plus deal in 2017 accounted for 19% of the total disclosed transaction volume. The average size of the top 10 deals increased to US$524 million in 2017 from US$287 million in 2016. Additionally, the average size of transactions with disclosed values raised to US$58 million in 2017. We anticipate that the average transaction size will increase in 2018 if privatizations (companies held by the SDIF, Fenerbahçe-Kalamış Marina, Tekirdağ Port and electricity generation assets owned by EÜAŞ) and high volume private deals in energy, financial services, retail, healthcare and manufacturing sectors are realized.

Figure 11: Disclosed transactions value range – in terms of number of transactions

9

114

2

101

<US$50 millionUS$50-100 million US$100-500 million US$500-1,000 million US$1,000-5,000 million

Figure 12: Disclosed transactions value range – in terms of transaction volume

US$679 million

US$1,441 million

US$632 millionUS$2,852 million

<US$50 millionUS$50-100 million US$100-500 million US$500-1,000 million US$1,000-5,000 million

US$1,786 million


In 2017, economies worldwide felt the impact of economic and political instability and grave security concerns. Emerging countries were particularly hit by further interest rate hikes by the FED. However, despite pressures on the Turkish Lira, exchange rate fluctuations and political tension with the US and the EU, Turkey’s economic growth in 2017 increased, especially in the third quarter, thanks to measures taken at home to incentivize growth and counter losses.

Among the negative developments in 2017 that caused lower than expected growth rates in emerging countries, we count the fragility of these economies, exchange rate fluctuations and ongoing security issues. The Brexit decision in 2016, the independence referendum in Spain in 2017 and ascending radical right wing politics in Europe have also increased the uncertainty about the future of the EU, an important trade partner for Turkey.

Turkey’s agenda in 2017 was also negatively impacted by the ongoing problems in the Middle East; its trade volume with neighboring countries remaining stagnant. Its economy was affected by the FED’s three interest rate hikes, Fitch’s downgrading of Turkey’s credit rating to below investment grade, and an increase in tax rates, but also supported by tax incentives granted to various sectors and liquidity support from the Credit Guarantee Fund. Radical changes in foreign affairs and the economic policy of the US, one of the most important players in the world economy, were met with concern throughout the world. The EU, particularly Germany, maintained its economic growth in 2017; however, it is expected that increasing uncertainties arising from Brexit and the independence referendum in Spain will affect the region in 2018.

Notably since 2011, the growth rate of the Turkish economy has remained below its potential, especially in 2016 with a modest growth rate of 3.2%. However, due

to tax incentives given to various sectors and liquidity support provided by Credit Guarantee Fund, the Turkish economy grew above expectations, particularly in the third quarter of the year. Turkey’s growth rate in 2017 is expected to be around 5.5%, an increase over the previous year.

At home, the extended state of emergency and the constitutional referendum in 2017 placed severe pressure on the economy and the Turkish Lira. With the necessary reforms expected to be carried out by the Government, the effects of such uncertainties may diminish. By raising interest rates in December 2017, the FED has signaled that it will continue to do so in 2018. Such increases are likely to negatively impact emerging economies, including Turkey. Economic, political and security developments are also likely to continue to influence the Turkish economy, as will economic developments in China and other emerging countries, commodity prices and exchange rate fluctuations. Considering all of these factors, in 2018 the Turkish economy is expected to record a growth rate similar to 2017.

M&A activity increased in terms of transaction volume in 2017 following a significant decrease in 2016. On the other hand, the number of transactions in 2017 was comparable to 2016 and we saw a large number of small and medium sized transactions as was the case in previous years. Additionally, the number of high value transactions were slightly higher in 2017. Large sized privatizations remained few and, as in 2016, foreign investors outperformed domestic investors in terms of transaction volume. Small and medium sized transactions are likely to continue and some expected high volume transactions will take place in 2018. In addition, the sale of companies transferred to the SDIF is one of the factors that may affect the level of M&A activity. The energy sector is expected to be amongst

2018 Overview


the leading sectors in terms of M&A activity in 2018 due to both private sector deals and privatizations, as was the case in previous years. In addition to the energy sector, we also expect significant M&A activity in the retail, healthcare, manufacturing and IT sectors.

With regards to privatizations, which have been a key component of overall M&A performance, we anticipate major privatizations for 2018, such as the sale of companies transferred to SDIF, the privatizations of Fenerbahçe-Kalamış Marina, Tekirdağ Port and the tenders of various electricity generation assets of EÜAŞ.

Regarding private sector deals, while we expect small and medium sized transactions to continue to dominate the markets in 2018, some relatively large sized transactions may also take place in the retail, healthcare and manufacturing sectors.

Consequently, if the expected public and private sector transactions realize, we expect total M&A transaction volume in Turkey to be around US$10 billion in 2018.


The overlook of the Turkish Business World towards the M&A MarketIn this section, we present the results of the survey we conducted to determine the evaluations and expectations of prominent members of the Turkish business community with respect to M&A activity in 2017. This is the sixteenth time we have conducted this survey, which participants completed via postal and electronic surveys. The sample target group of this study comprised upper management and shareholders of prominent public and private sector institutions in various sectors in Turkey. We are thankful to the participants for their time and sharing their evaluations with us.

Assessment of the results

Assessment of 2017 M&A activity in terms of volumeThe majority of survey respondents rated the level of M&A activity in Turkey in 2017 as low compared to the volume that they had expected. In 2017, 77% and 23% of participants evaluated the realized transaction volume as low and normal, respectively. The same question in 2016 generated similar responses with 79% and 15% of participants evaluating the realized transaction volume as low and normal, respectively.

The transaction of the yearThe majority of the participants identified the acquisition of OMV Petrol Ofisi by Vitol Investment, and the acquisition of a 85% stake in Korozo Packaging by Actera, Esas Holding and the European Bank of Reconstruction and Development (EBRD) as the most outstanding transactions of the year. The acquisition of OMV Petrol Ofisi by Vitol Investment for US$1.44 billion was named as the transaction of the year by 57% of the participants. This transaction was followed by the acquisition of a 85% stake in Korozo Packaging by Actera, Esas Holding and the European Bank of Reconstruction and Development (EBRD), the acquisition of a 40% stake in Mersin Port by IFM Investors for US$869 million, the acquisition of a 9.95% stake in Garanti Bank by BBVA for US$917 million and the acquisition of the Osmangazi EDAŞ and EPSAŞ by Zorlu Energy for US$360 million. In addition, other remarkable transactions were the investment in Gratis by Actera and the Transfer of Operating Rights of Menzelet and Kılavuzlu HPPs to Entek Elektrik Üretim which were not included in our survey as they were completed at the end of 2017 after our survey was completed.

2016

15%

3%

79%

Low

Normal

High

Very High

3%

2017

Low

Normal

77%

23%


Sectors that are expected to be the most active in 2018Survey participants rated the energy, services, retail, IT, and manufacturing sectors as those expected to be the most active in terms of M&A activity in 2018. Similar to the expectations for 2017, the energy sector is still expected to be the most active sector in 2018.

The evaluation of private equity funds in terms of their M&A activities in TurkeyIn 2017, both the volume and the number of M&A transactions in Turkey realized by private equity funds increased. Parallel to the previous year, 40% of the participants rated private equity activity in Turkey as positive (43% in 2016), and 33% rated as negative (26% in 2016). While 31% of the respondents considered private equity activity in Turkey as uncertain in 2016, this ratio decreased to 27% in 2017 due to the volume increase in M&A activity by private equity funds.

Acquisition of OMV Petrol Ofisi by Vitol Investment

Acquisition of the 85% stake of Korozo Packaging by Actera, EBRD and Esas Holding

Acquisition of the 40% stake of Mersin Port by IFM Investors

Acquisition of the 9.95% stake of Garanti Bank by BBVA

Acquisition of Osmangazi EDAŞ and EPSAŞ by Zorlu Enerji

2016

Positive

Negative

Uncertain

31%

26%

43%

23%

14%

3%3%

57%

2017

Positive

Negative

Uncertain

27%

33%

40%

25%

20%

15%

10%

5%

0%

Energy

Servic

esReta

il IT

Manufac

turing

Health

care

Food a

nd Bev

erage

Real E

state

Bankin

g

Transp

ortatio

n

Insuran

ce

20.2%

12.4% 11.2% 11.2% 10.1% 10.1% 9.0% 7.9%4.5%

1.2%2.2%


Meetings about M&A activities and investor profileOf those surveyed, 50% indicated that they participated in some form of M&A related meeting in 2017. This realization is slightly higher than the response in 2016 (46%).

According to the survey results, 53% of the meetings held during 2017 were with strategic investors and 47% were with financial investors. Based on the survey results, the meetings held with strategic investors signficiantly decreased compared to its 2016 level of 82%. Financial investors recorded a higher performance compared to the previous year.

2016

46%54%

Yes

No

2017

53%47%

Strategic

Financial

2016

82%

18%

Strategic

Financial

2017

50%50%

Yes

No


Price

Strategic compliance

Legislation / Permits

Other

27%

13%

47%

13%

2016

Duration of the transaction processSurvey results showed that in 2017, 66% of transactions took, from start to finish, less than twelve months to close, 23% between twelve and eighteen months and 11% more than eighteen months. Like 2016, most of the transactions were completed within one year in 2017.

The most important problems encountered during transactions47% of the participants rated the difficulty in agreeing on price as the main problem arising during negotiations, in line with previous years. This was followed by strategic compliance and legislation / permits with 15%. Corporate culture with 8% was also cited as problematic.

2016

36%

36%

<6 months

6-12 months

12-18 months

28%

2017

33%

33%

<6 months

6-12 months

12-18 months

>18 months

23%

11%

Price

Strategic compliance

Legislation / Permits

Corporate culture

Other

15%

15%

47%

15%

2017

8%


Factors with the greatest impact on M&A activity in Turkey Participants stated that the political stability, domestic economic conjoncture, regional political developments and interest and foreign exchange rates had the greatest impact on M&A activity in Turkey in 2017 with 29%, 22%, 19% and 12%, respectively. These were followed by developments in international markets with 8% and interest and growth expectations with 6%. Inflation was regarded as a less important factor.

Volume expectations for M&A activity in 2018 The Turkish business community presented a negative opinion and expects a low volume of M&A activity in 2018, as was the case in 2017, in light of the uncertainties in developing emerging economies and political developments in Turkey’s neighboring region. 70% of participants stated that they expected the transaction volume in 2018 to be in the range of US$6 billion to US$10 billion, 13% in the range of US$11 billion to US$15 billion and those who expected the volume to be in the range of US$16 billion to US$20 billion was 10%. 7% of participants stated that they expected the transaction volume to be in the range of US$1 billion to US$5 billion. None of the participants expected the transaction volume to be higher than US$20 billion. These figures demonstrate that 90% of the Turkish business community expects transaction volume of less than US$15 billion in 2018. In last year’s survey, this expectation was 91%, suggesting that survey participants expect M&A activity in 2018 to be similar with 2017.

2016

20%7%3%

64% US$1-5 billion

US$6-10 billion

US$11-15 billion

US$16-20 billion

US$21-25 billion

>US$25 billion

3% 3%

Political stability

Domestic economic conjuncture

Regional political developments

Interest rates and foreign exchange rates

Developments in international markets

Growth expectations

Inflation

8%

12%

19%22%

29%

6% 4%

2017

13%

70%

US$1-5 billion

US$6-10 billion

US$11-15 billion

US$16-20 billion

10% 7%


The investment environment in Turkey in 2018Due to increasing risk perception of emerging economies, political uncertainties in nearby geographies and their potential impacts on the Turkish economy, only 7% of the participants expect a positive investment environment for 2018. 70% of the participants expect a stagnant environment. When surveyed last year, 51% of the participants had reported negative opinion about the investment environment for 2017, whereas, this rate leveled down to 10% for 2018. 13% of participants evaluated the investment environment in Turkey as uncertain for 2018, similar to 2017 (10% for 2017). These figures demonstrate that survey participants expect the investment environment for 2018 to be more positive than it was in 2017.

Impact of the EU Parliament’s approval to formally suspend accession negotiations with Turkey and disagreements occurred in the process of Turkey’s compliance with the EU laws in 2018According to survey results, 60% of participants expect the potential impact on Turkey of the EU Parliament’s approval to formally suspend accession negotiations with Turkey and disagreements occurred in the process of Turkey’s compliance with the EU laws to have limited impact, 37% expect a high impact and 3% of the participants expect no impact in 2018.

2017

36%

51%

10% 3%

Positive

Stagnant

Negative

Uncertain

2018

70%

13%

10%

7%

Positive

Stagnant

Negative

Uncertain

High impact

Limited impact

No impact

3%

37%

60%


Impact of increases in corporate tax and other taxes announced in the 2018-2020 Medium Term Program77% of participants expect that increases in corporate tax and other taxes announced in the 2018-2020 Medium Term Program will have a limited impact on Turkey, whereas 20% expect the impact to be high and 3% to be none.

High impact

Limited impact

No impact

77%

20%

3%


List of M&A transactions in 2017*

(*) The list has been prepared in alphabetic order according to the target company name.


ABC Sealants Chemicals Sika Group Switzerland Not Disclosed August 17 Not Disclosed Acquisition

Adana Optimum Shopping Mall Real Estate Rönesans Gayrimenkul Turkey 50.00% June 17 Not Disclosed Acquisition

Adphorus IT Sojern US Not Disclosed November 17 Not Disclosed Acquisition

Afyon II WPP Energy Güriş Turkey 100.00% August 17 Not Disclosed Acquisition

AIG Sigorta Financial Services Gulf Insurance Group Kuwait 100.00% January 17 47.9 Acquisition

Akkuyu Nuclear Power Plant Energy Cengiz Holding, Kalyon İnşaat, Kolin İnşaat Turkey 49.00% June 17 Not Disclosed Acquisition

Aksu WPP Energy Samsun Makina Sanayi Turkey 69.87% December 17 29.6 Acquisition

Alpaslan II HPP Energy Energo-Pro Czechia 100.00% April 17 Not Disclosed Acquisition

Altıntepe Mining Mining Bahar Mining Turkey 45.00% April 17 8.0 Acquisition

Ambeent IT ACT Venture Partners Turkey Not Disclosed December 17 1.4 Acquisition

Anamur, Bozyazı, Mut-Derinçay, Silifke, Zeyne HPP Energy ERG Altyapı İnşaat Turkey N/A March 17 2.5

Transfer of Operating Rights

Ankateks (Ankara Laundry) Services Servizi Italia Italy 15.00% May 17 4.7 Acquisition

App Samurai IT ACT Venture Partners, 500 Istanbul, Private Investors Turkey Not Disclosed December 17 2.1 Acquisition

Appsilon Chemicals Diffusion Capital Partners Turkey Not Disclosed October 17 1.2 Acquisition

Apsiyon IT Earlybird Venture Capital Luxembourg Not Disclosed December 17 2.0 Acquisition

Aras Kargo Transportation Austrian Post Austria 50.00% May 17 Not Disclosed Acquisition

Ardıç IT ACT Venture Partners Turkey Not Disclosed December 17 1.2 Acquisition

Ardıçlı WPP, Bağlar WPP Energy Sancak Group Turkey Not Disclosed June 17 Not Disclosed Acquisition

aSAY Group IT EOH International Proprietary South Africa 50.00% January 17 Not Disclosed Acquisition

ATAR Labs IT Diffusion Capital Partners Turkey Not Disclosed September 17 3.0 Acquisition

Aytaç Food and Beverage

Topbaş Family, Ülker Family (Private Investors) Turkey 25.00% July 17 7.2 Acquisition

Azmak HPP Group Energy Entek Elektrik Turkey 100.00% July 17 Not Disclosed Acquisition

Banvit Food and Beverage BRF, Qatar Investment Authority (QIA) Brazil, Qatar 79.48% January 17 299.0 Acquisition

Batıgrup Dental Healthcare Straumann Holding Switzerland 70.00% September 17 Not Disclosed Acquisition

Bayraktarlar Agricultural Products Food and Beverage MMC Sanayi Turkey 10.00% October 17 0.5 Acquisition

Beştepeler Enerji Energy Troya Capital Turkey 51.00% November 17 77.0 Acquisition

Biletall IT The Abraaj Group UAE Not Disclosed November 17 Not Disclosed Acquisition

Bimser IT Pera Capital Partners Turkey Not Disclosed December 17 Not Disclosed Acquisition

BioCapSOL Chemicals ACT Venture Partners, Transol Arısan Kimya Turkey Not Disclosed December 17 0.2 Acquisition

Birlik Mensucat Textile Yaşar Küçükçalık (Private Investor) Turkey 64.30% October 17 7.9 Acquisition

Bisaş Tekstil Textile Ahmet Nazif Zorlu (Private Investor) Turkey 77.68% February 17 Not Disclosed Acquisition

BMT BAPS Healthcare Diffusion Capital Partners Turkey Not Disclosed December 17 0.9 Acquisition

Bodrum Marina (Milta Tourism) Transportation Tek-Art Kalamış Turkey 100.00% July 17 105.0 Acquisition

Bolca Hindi Food and Beverage Erpiliç Turkey 100.00% March 17 15.0 Acquisition

Bosphorus Gaz Energy Adnan Şen (Private Investor) Turkey 71.00% June 17 Not Disclosed Acquisition

Bossa Textile Uçurum Family (Private Investors) Turkey 93.75% June 17 Not Disclosed Acquisition

Botanalytics IT ACT Venture Partners Turkey Not Disclosed November 17 1.1 Acquisition

Boyner Retail Mayhoola for Investments Qatar 12.00% April 17 47.0 Acquisition

Boyracı İnşaat Construction Evershine Hong Kong 30.00% June 17 6.6 Acquisition

BTA Food and Beverage TAV Havalimanları Holding Turkey 33.33% October 17 11.2 Acquisition

Buldumbuldum.com IT Private Investors Turkey Not Disclosed March 17 Not Disclosed Acquisition

Burdur SPP Energy Al Aboud Holding Saudi Arabia 100.00% April 17 Not Disclosed Acquisition

Target Sector Acquirer Country of Acquirer Stake Date Deal Value

(US$ million) Deal Type


Burgeon IT Diffusion Capital Partners Turkey Not Disclosed December 17 3.0 Acquisition

BuyBuddy IT 500 İstanbul Turkey Not Disclosed May 17 Not Disclosed Acquisition

CarrefourSA (11 stores) Retail Migros Turkey 100.00% December 17 1.7 Acquisition

Componenta Dökümcülük Manufacturing Döktaş Metal Turkey 93.57% August 17 Not Disclosed Acquisition

Çaba Misnak Lojistik Transportation CJ Logistics South Korea 100.00% May 17 Not Disclosed Acquisition

Çetin HPP Energy Limak Holding Turkey Not Disclosed September 17 Not Disclosed Acquisition

Çine HPP Energy Demars İnşaat Turkey N/A September 17 25.2Transfer of Operating Rights

Çözüm Industrial Waste Services Baştaş Başkent Çimento Turkey 49.00% March 17 3.7 Acquisition

Datapare IT İstanbul Startup Angels Turkey Not Disclosed October 17 0.1 Acquisition

Datça WPP Energy Fernas Turkey 100.00% October 17 Not Disclosed Acquisition

DD Finansman Financial Services Doğan Holding Turkey 49.00% June 17 Not Disclosed Acquisition

Dekatlon Buzz Media Altavia France Not Disclosed January 17 Not Disclosed Acquisition

Delta Rubis Petrol Energy Rubis Terminal France 50.00% January 17 Not Disclosed Acquisition

Denge Investment Holding Financial Services Tayyar Raci Şaşmaz (Private Investor) Turkey 48.50% October 17 15.2 Acquisition

Derbent, Isıder, Korda, Kovancı WPP Energy Akfen Holding Turkey 100.00% June 17 33.5 Acquisition

Destek Investment Securities Financial Services Klan Investment Holding Turkey 98.24% February 17 Not Disclosed Acquisition

Dinar 2 HPP Energy Ergök İnşaat, Süper Elektrik Turkey N/A September 17 3.1Transfer of Operating Rights

Dolap IT Earlybird Venture Capital Luxembourg Not Disclosed June 17 Not Disclosed Acquisition

Dünya Markaları Retail Ansa Yatırım Turkey 67.35% March 17 Not Disclosed Acquisition

Eczacıbaşı Investment Partnership Financial Services Metro Investment Securities Turkey 32.60% December 17 5.4 Acquisition

Eczacıbaşı-Monrol Nükleer Ürünler Healthcare Eczacıbaşı Group Turkey 34.00% October 17 26.4 Acquisition

Eczacıbaşı-Schwarzkopf Chemicals Henkel Germany 50.00% September 17 3.7 Acquisition

Ekmob IT Private Investors Turkey Not Disclosed April 17 Not Disclosed Acquisition

Elvan Gazoz Food and Beverage Elvan Gıda Turkey Not Disclosed September 17 Not Disclosed Acquisition

Enternasyonel Gözlük Retail Marchon Eyewear US Not Disclosed September 17 Not Disclosed Acquisition

Entekno Chemicals Diffusion Capital Partners Turkey Not Disclosed October 17 1.6 Acquisition

Episome Biotech Chemicals Diffusion Capital Partners Turkey Not Disclosed December 17 1.4 Acquisition

Erke Gübre Chemicals Dentaş Kağıt Turkey Not Disclosed January 17 Not Disclosed Acquisition

Erkunt Döküm Automotive Mahindra & Mahindra India 99.00% September 17 40.0 Acquisition

Erkunt Traktör Automotive Mahindra & Mahindra India 100.00% September 17 75.0 Acquisition

Es Medya Media Zeki Yeşildağ (Private Investor) Turkey 100.00% September 17 Not Disclosed Acquisition

Etiler Gıda Food and Beverage Kurtoğlu Alüminyum Turkey 8.60% December 17 2.3 Acquisition

Evdeki Bakıcım IT Private Investors Turkey Not Disclosed January 17 0.2 Acquisition

Evreka IT Sankonline, 500 İstanbul, Nexus Ventures Turkey Not Disclosed March 17 0.7 Acquisition

Evtiko IT Private Investors Turkey Not Disclosed July 17 4.0 Acquisition

Evyapport Transportation International Container Terminal Services (ICTSI) Philippines 65.00% December 17 Not Disclosed Acquisition

Eyedius IT StartersHub, Boğaziçi Ventures Turkey Not Disclosed December 17 0.3 Acquisition

FalconAI IT ACT Venture Partners Turkey Not Disclosed December 17 2.9 Acquisition

Fazla Gıda IT 500 İstanbul Turkey Not Disclosed May 17 Not Disclosed Acquisition

Fitwell IT Founders Factory, Private Investors UK, Turkey Not Disclosed February 17 0.6 Acquisition

Flank IT ACT Venture Partners, Private Investors Turkey Not Disclosed December 17 0.7 Acquisition

Florence Nightingale Hospitals Healthcare Florence Nightingale Hospitals Holding Turkey 50.00% May 17 Not Disclosed Acquisition






FNC Tarım Chemicals Hektaş Ticaret Turkey Not Disclosed November 17 3.6 Acquisition

Fu Gayrimenkul Services Diffusion Capital Partners Turkey Not Disclosed December 17 Not Disclosed Acquisition

Gama Holding Construction Evren Ünver (Private Investor) Turkey 20.00% March 17 Not Disclosed Acquisition

Garajsepeti.com IT Private Investors Turkey Not Disclosed August 17 0.3 Acquisition

Garanti Bank Financial Services BBVA Spain 9.95% February 17 917.0 Acquisition

GlakoLens Biyomedikal Healthcare ACT Venture Partners Turkey Not Disclosed December 17 1.4 Acquisition

Glasshouse IT Mediterra Turkey 100.00% November 17 Not Disclosed Acquisition

Gök Denizcilik Transportation Gübre Fabrikaları Turkey 100.00% July 17 Not Disclosed Acquisition

Gözde Venture Capital Financial Services Franklin Templeton Investments US 5.00% October 17 12.2 Acquisition

Gözlem Gıda Laboratuvarları Healthcare Eurofins Scientific Luxembourg 100.00% March 17 Not Disclosed Acquisition

Gratis Retail Actera Turkey 55.00% November 17 Not Disclosed Acquisition

Grome Manufacturing Lixil Group (Grohe) Japan 50.00% March 17 Not Disclosed Acquisition

Groupama Emeklilik (Individiual Pension Portfolio)

Financial Services Fiba Emeklilik Turkey 100.00% November 17 Not Disclosed Acquisition

Güllük Marine Transportation İş-Kaya İnşaat Turkey N/A July 17 3.2Transfer of Operating Rights

Gündem Hotel Tourism Deniz REIT Turkey 100.00% November 17 7.6 Acquisition

Hesapkurdu.com IT NN Group Netherlands 18.00% November 17 Not Disclosed Acquisition

Hidrojen Peroksit Sanayi Chemicals Barış Aksüs (Private Investor) Turkey 28.20% September 17 5.9 Privatization

Hisarlar Makina Automotive European Bank for Reconstruction and Development (EBRD) UK 11.56% January 17 Not Disclosed Acquisition

Hisarlar Makina Automotive Mahindra & Mahindra India 75.10% January 17 18.7 Acquisition

Ibrakom Transportation CJ Logistics South Korea 51.02% April 17 69.0 Acquisition

Icons & Styles Tourism Doğuş Holding Turkey 55.00% July 17 Not Disclosed Acquisition

IKON Interactive - CMS IT Discover Digital International South Africa 100.00% August 17 Not Disclosed Acquisition

Insider IT 500 İstanbul Turkey Not Disclosed February 17 Not Disclosed Acquisition

IUGO IT Keiretsu Forum US Not Disclosed March 17 0.4 Acquisition

İçerenköy Shopping Mall Real Estate Gülaylar Group Turkey 100.00% December 17 320.0 Acquisition

İlknak Su Ürünleri Food and Beverage Gümüşdoğa Su Ürünleri Turkey Not Disclosed November 17 Not Disclosed Acquisition

İncesu HPP Energy Fernas Turkey 100.00% December 17 15.0 Acquisition

İnegöl Shopping Mall Real Estate Fiba Commercial Properties Turkey 100.00% January 17 Not Disclosed Acquisition

İstanbul Bijuteri Retail Ansa Yatırım Turkey 66.67% March 17 0.1 Acquisition

İstanbul Data Center IT Equinix US Not Disclosed October 17 93.0 Acquisition

iyzico ITVostok Emerging Finance, 212 Capital Partners, Amadeus Capital Partners, International Finance Corporation (IFC)

Sweden, Turkey, UK, US

Not Disclosed January 17 15.0 Acquisition

İzAir Transportation Pegasus Turkey 29.51% March 17 1.3 Acquisition

İzmir Natural Gas Distribution Energy Kolin Enerji Turkey 34.00% August 17 Not Disclosed Acquisition

Jetract IT Galata Business Angels, İstanbul Startup Angels Turkey Not Disclosed March 17 Not Disclosed Acquisition

Kapıdağ WPP, Karakurt WPP, Sebenoba WPP Energy Fernas Turkey 100.00% September 17 100.5 Acquisition

Kastaş Kağıt Manufacturing Prinzhorn (Hamburger Recycling) Austria 100.00% November 17 Not Disclosed Acquisition

Kemal Kükrer Food and Beverage Ajinomoto Japan 50.00% August 17 51.7 Acquisition

KFC Turkey Food and Beverage The Abraaj Group UAE 100.00% November 17 Not Disclosed Acquisition

Kıyıköy WPP Energy Borusan EnBW Enerji Turkey 100.00% June 17 60.1 Acquisition

Kibar Enerji Energy Kalyon Group Turkey 20.00% July 17 Not Disclosed Acquisition

Kipa Mersin Shopping Mall Real Estate Akdeniz Shopping Mall Turkey 100.00% December 17 28.8 Acquisition

Kolay İK IT Monkfish Equity, Private Investors Germany, Turkey Not Disclosed September 17 1.0 Acquisition




Korozo Packaging Manufacturing Actera, European Bank for Reconstruction and Development (EBRD), Esas Holding Turkey, UK 85.00% January 17 Not Disclosed Acquisition

Laskar Enerji, Mertler Enerji Energy Energo-Pro Czechia 100.00% June 17 Not Disclosed Acquisition

Logiwa IT Revo Capital Turkey Not Disclosed June 17 Not Disclosed Acquisition

Madencom Mining Aksel Yatırım Holding Turkey 99.89% January 17 2.2 Acquisition

Magna Capital Portfolio Management Financial Services İstanbul Portfolio Management Turkey 100.00% July 17 Not Disclosed Acquisition

MagSpin IT Diffusion Capital Partners Turkey Not Disclosed March 17 0.9 Acquisition

Mai Otomotiv Automotive Akdeniz Güvenlik Hizmetleri Turkey 50.00% December 17 2.6 Acquisition

Manibux IT Private Investors Turkey Not Disclosed July 17 Not Disclosed Acquisition

Manyas HPP Energy Samsun Makina Sanayi, Aria Teknoloji Yatırımlar Turkey N/A September 17 16.2


Markafoni.com IT Cafer Mahiroğlu (Private Investor) Turkey 100.00% July 17 15.0 Acquisition

Marketyo IT Keiretsu Forum US Not Disclosed October 17 0.4 Acquisition

Mars Logistics Transportation Hitachi Japan 29.00% August 17 Not Disclosed Acquisition

May Agro Food and Beverage Zaad Holdings South Africa 35.00% March 17 Not Disclosed Acquisition

Me-Di Sağlık Hizmetleri Healthcare Acıbadem Healthcare Group Turkey 100.00% May 17 1.8 Acquisition

Medlife Clinic Healthcare Acıbadem Healthcare Group Turkey 9.90% November 17 Not Disclosed Acquisition

Meksa Investment Securities Financial Services İbrahim Emre Çorak (Private Investor) Turkey 13.00% January 17 Not Disclosed Acquisition

Menzelet HPP, Kılavuzlu HPP Energy Entek Elektrik Turkey N/A September 17 365.0Transfer of Operating Rights

Merpez Food and Beverage Della Gıda Turkey 80.00% October 17 6.4 Acquisition

Mersin Port Transportation IFM Investors Australia 40.00% July 17 869.0 Acquisition

MESBAŞ - Mersin Free Zone Transportation Cey Group Joint Venture Turkey 21.26% September 17 7.6 Privatization

Metropol İstanbul Shopping Mall Real Estate Kefeli-Dekorsel Joint Venture Turkey 100.00% December 17 301.6 Acquisition

Migros Retail Anadolu Endüstri Holding Turkey 9.75% May 17 143.6 Acquisition

Migros (20 stores) Retail CarrefourSA Turkey 100.00% August 17 5.7 Acquisition

Mikro Yazılım IT Turkven, Earlybird Venture Capital Turkey, Luxembourg 80.00% April 17 Not Disclosed Acquisition

Milan Petrol Energy Demirören Holding Turkey 30.00% February 17 Not Disclosed Acquisition

MNG Kargo Transportation Turkven, Haydar Sancak, Suat Sancak (Private Investors) Turkey 100.00% June 17 Not Disclosed Acquisition

Modacruz ITMiddle East Venture Partners (MEVP), Hummingbird Ventures, Nevzat Aydın (Private Investor)

UAE, Belgium, Turkey

Not Disclosed June 17 2.0 Acquisition

Modanisa IT Wamda Capital, STC Ventures UAE, Turkey Not Disclosed March 17 Not Disclosed Acquisition

Monument IT ACT Venture Partners, İTÜ ARI Teknokent, Bluestein & Associates, Private Investor Turkey, US Not Disclosed November 17 2.5 Acquisition

Mycey (C Bebek) Retail MAP Investments (Burda Bebek) Turkey 55.00% July 17 Not Disclosed Acquisition

Narlı Feribot İşletmeciliği (İstanbulLines) Transportation Gübre Fabrikaları Turkey 30.00% July 17 Not Disclosed Acquisition

Negmar Denizcilik Transportation Gübre Fabrikaları Turkey 20.00% July 17 Not Disclosed Acquisition

Netlog Transportation The Abraaj Group UAE Not Disclosed July 17 Not Disclosed Acquisition

NLT Textiles Textile Saide Textiles Turkey 50.00% May 17 Not Disclosed Acquisition

Obilet IT Earlybird Venture Capital Luxembourg Not Disclosed June 17 Not Disclosed Acquisition

OLEV IT İstanbul Startup Angels Turkey Not Disclosed April 17 0.3 Acquisition

OMCO İstanbul Kalıp Manufacturing OMCO International Belgium 50.00% April 17 14.3 Acquisition

Omega Sinema Sistemleri Services Ymagis Group (Cinemanext) France 51.00% January 17 Not Disclosed Acquisition

OMV Petrol Ofisi Energy Vitol Investment Netherlands 100.00% March 17 1,441.0 Acquisition

Opsago Management Consultancy Services PwC Turkey 100.00% January 17 Not Disclosed Acquisition

Orcan Basınçlı Hava Makinaları Manufacturing Atlas Copco Sweden Not Disclosed March 17 Not Disclosed Acquisition

Orthero Healthcare Private Investors Turkey Not Disclosed December 17 0.8 Acquisition




Orzaks İlaç Healthcare Private Investors Turkey 100.00% November 17 Not Disclosed Acquisition

Osmangazi EDAŞ and EPSAŞ Energy Zorlu Enerji Turkey 100.00% February 17 360.0 Acquisition

Otelz IT Sankonline, Howzat Partners Turkey, UK Not Disclosed September 17 3.8 Acquisition

Oxyvit Kimya Chemicals Soda Sanayii Turkey 50.00% July 17 7.0 Acquisition

Önem Gıda (Pasta Factory) Food and Beverage Oba Makarnacılık Turkey Not Disclosed July 17 Not Disclosed Acquisition

Özel Turgutreis Poliklinik Healthcare Acıbadem Healthcare Group Turkey 40.00% November 17 Not Disclosed Acquisition

Palex Services Netlog Turkey Not Disclosed October 17 Not Disclosed Acquisition

Panteon IT Teknasyon Turkey 75.00% August 17 1.0 Acquisition

Peak Games (Mobile Card Game Studio) IT Zynga US Not Disclosed November 17 100.0 Acquisition

Peoplise IT 500 İstanbul Turkey Not Disclosed January 17 Not Disclosed Acquisition

Pet Gaz (Yarımca LPG Filling and Storage Facility) Energy Yeniyurt Petrol Turkey 100.00% April 17 Not Disclosed Acquisition

Picus Security IT ACT Venture Partners, Social Capital, ScaleX Ventures, Private Investors Turkey, US Not Disclosed December 17 1.7 Acquisition

Poltio IT Keiretsu Forum, Girişimtürk US, Turkey Not Disclosed August 17 Not Disclosed Acquisition

Project House Media HAVAS France 49.00% October 17 Not Disclosed Acquisition

Propak Manufacturing Polinas Turkey 90.00% September 17 56.2 Acquisition

PTS Worldwide Transportation Pera Capital Partners Turkey 45.00% August 17 Not Disclosed Acquisition

Rakam IT 500 İstanbul Turkey Not Disclosed June 17 Not Disclosed Acquisition

Reengen IT Capria Ventures, idacapital, Cem Tüfekçi (Private Investor) US, Turkey Not Disclosed November 17 Not Disclosed Acquisition

Reztoran IT Doğan TV Holding, Private Investors Turkey Not Disclosed March 17 0.6 Acquisition

RS Research Healthcare ACT Venture Partners Turkey Not Disclosed December 17 2.2 Acquisition

Saide Textiles Textile Marubeni Japan 45.50% June 17 70.0 Acquisition

SBS Healthcare Diffusion Capital Partners Turkey Not Disclosed December 17 1.5 Acquisition

Scorp IT Private Investors US Not Disclosed September 17 Not Disclosed Acquisition

Segmentify IT ACT Venture Partners, Girişimtürk Turkey Not Disclosed December 17 2.2 Acquisition

Sektörel Fuarcılık Services PennWell Corporation US 50.00% January 17 Not Disclosed Acquisition

Seslenen Kitap IT Storytel Sweden 100.00% November 17 Not Disclosed Acquisition

SesliHarfler Reklam Media Dentsu Aegis Network UK 100.00% May 17 Not Disclosed Acquisition

SESU Özel Sağlık Hizmetleri Healthcare Ali Suat Güllüoğlu (Private Investor) Turkey 60.00% November 17 Not Disclosed Acquisition

Seyitler Kimya Chemicals Hedef Venture Capital Turkey 57.28% December 17 3.8 Acquisition

Siirt Madenköy Copper Mine Mining Cengiz İnşaat Turkey 100.00% March 17 195.0 Acquisition

Silk & Cashmere Retail Zamanpur Family (Private Investors) Turkey 25.64% March 17 Not Disclosed Acquisition

Simit Sarayı Food and Beverage Alhokair Group Saudi Arabia 10.00% July 17 Not Disclosed Acquisition

Sinemia IT Revo Capital, 500 İstanbul Turkey Not Disclosed January 17 1.5 Acquisition

Siyonet IT Apsiyon Turkey Not Disclosed May 17 Not Disclosed Acquisition

Skysens IT ACT Venture Partners Turkey Not Disclosed December 17 0.8 Acquisition

Spirohome Healthcare ACT Venture Partners, 500 İstanbul Turkey Not Disclosed December 17 1.4 Acquisition

Sports & Merits Services İstanbul Startup Angels Turkey Not Disclosed November 17 0.1 Acquisition

ST Plastik Manufacturing COOK Tüketici Ürünleri Turkey 76.00% September 17 Not Disclosed Acquisition

Suçatı, Değirmendere, Karaçay, Kuzuculu HPP Energy Abdülmecit Modoğlu İnşaat Turkey N/A September 17 8.9


Suwen Retail Taxim Capital Turkey 51.00% November 17 Not Disclosed Acquisition

Şamlı WPP Energy Fernas Turkey 100.00% September 17 111.0 Acquisition

Şua Elektrik Energy Polat Enerji Turkey 100.00% October 17 Not Disclosed Acquisition




Taglette IT Keiretsu Forum US Not Disclosed May 17 0.4 Acquisition

Tapu.com IT Earlybird Venture Capital, Private Investors Luxembourg, Turkey Not Disclosed April 17 1.2 Acquisition

Tasit.com IT Garajsepeti.com Turkey Not Disclosed December 17 Not Disclosed Acquisition

Taşucu Port Transportation Metal Yapı Konut Turkey N/A October 17 114.7Transfer of Operating Rights

TAV Havalimanları Holding Transportation Aéroports de Paris France 8.12% June 17 160.0 Acquisition

TAV Yatırım Holding Construction Tepe İnşaat, Sera Yapı Turkey 49.00% June 17 Not Disclosed Acquisition

Tavuk Dünyası Food and Beverage Mediterra Turkey 23.35% April 17 Not Disclosed Acquisition

Tazi IT Diffusion Capital Partners Turkey Not Disclosed October 17 1.2 Acquisition

TeamSQL IT ACT Venture Partners, Private Investors Turkey Not Disclosed December 17 1.4 Acquisition

Tekin Acar (19 stores) Retail Sephora France 100.00% April 17 Not Disclosed Acquisition

Temizlikyolda IT Private Investors Turkey Not Disclosed September 17 Not Disclosed Acquisition

TGM1 Packaging Manufacturing Greiner Packaging International Austria Not Disclosed June 17 Not Disclosed Acquisition

The Bodrum by Paramount Hotel Tourism Turan Avcı (Private Investor) Turkey 100.00% December 17 80.0 Acquisition

Tortum HPP Energy Has-Kar Turkey N/A November 17 14.5Transfer of Operating Rights

Tozmetal Mining GKN UK Not Disclosed April 17 Not Disclosed Acquisition

TrioMobil IT Ak Portföy Girişim Sermayesi Turkey 30.00% April 17 Not Disclosed Acquisition

Turkuaz Sağlık Healthcare Ak Portföy Girişim Sermayesi Turkey 20.00% December 17 Not Disclosed Acquisition

Türkpetrol Energy Demirören Holding Turkey 100.00% March 17 Not Disclosed Acquisition

Unit International Energy Energy SK Engineering South Korea 30.00% March 17 177.0 Acquisition

UrbanStat IT Tarık Yıldırım (Private Investor) Turkey Not Disclosed April 17 0.5 Acquisition

Üstün Makine Manufacturing Teknia Manufacturing Group Spain 100.00% January 17 4.4 Acquisition

Vansan Makina Manufacturing Turkven Turkey 60.00% October 17 Not Disclosed Acquisition

Vastned Services Kaan Otelcilik & Gayrimenkul Yatırımları Turkey 100.00% November 17 Not Disclosed Acquisition

V-Count IT Diffusion Capital Partners Turkey Not Disclosed December 17 1.5 Acquisition

Veser Kimya Chemicals Vinmar US 90.00% November 17 Not Disclosed Acquisition

Vilsan Veteriner İlaçları Healthcare Merck & Co. US 100.00% October 17 Not Disclosed Acquisition

Virasoft Healthcare Diffusion Capital Partners Turkey Not Disclosed September 17 0.4 Acquisition

Vispera IT Galata Business Angels Turkey Not Disclosed January 17 Not Disclosed Acquisition

Vispera IT Logo Ventures Turkey 10.00% November 17 1.2 Acquisition

Vivense IT Earlybird Venture Capital, Private Investors Luxembourg, Turkey Not Disclosed August 17 8.2 Acquisition

Vivoo IT 500 İstanbul Turkey Not Disclosed November 17 0.1 Acquisition

Wundermann Media directComm Turkey Not Disclosed November 17 Not Disclosed Merger

Yavaşçalar Hunting Sports Equipment Manufacturing Sarsılmaz Mühimmat Turkey 100.00% July 17 Not Disclosed SDIF

Yem-Vit Food and Beverage Devenish Nutrition Ireland 50.00% July 17 Not Disclosed Acquisition

Yenice HPP Energy Kılıç Enerji Turkey N/A July 17 36.9Transfer of Operating Rights

Yuvacık WPP Energy Güriş Turkey 100.00% November 17 Not Disclosed Acquisition

Zen Enerji Energy Altay Endüstriyel Yatırımlar, VieM Yatırım Turkey 20.00% April 17 0.8 Acquisition

Zet Farma Logistics Transportation Kuehne + Nagel Switzerland 100.00% March 17 Not Disclosed Acquisition

Zetaş Zemin Teknolojisi Manufacturing Soletanche Freyssinet France 29.60% July 17 Not Disclosed Acquisition

Zingat IT Propertyfinder UAE 16.95% August 17 Not Disclosed Acquisition

Zirve Yazılım IT Turkven Turkey Not Disclosed December 17 Not Disclosed Acquisition

N/A: Not applicable


The merger and acquisition transactions included in this report comprise deals whose negotiations were completed and announced between January 1st, 2017 and December 31st, 2017.

The data in this report could be made even more accurate if there was a database that regularly kept track of mergers and acquisitions in Turkey and if all the transactions were announced. Nevertheless, we believe that the information presented in this report truly represents the important aspects of mergers and acquisitions activity in Turkey, especially in terms of transaction volume.

In compiling this report, publicly available resources as well as the opinions of investment banks, consultants and investors have been used.

When preparing this study:

• Transactions where negotiations are finalized but legal procedures are ongoing are also included in this study.

►• Finalized privatization tenders and Saving Deposit Insurance Fund transactions are considered completed transactions even if the approval procedures of the Privatization High Council or Fund Board were still in process.

• Transactions based on the “Transfer of Operating Rights” model and realized by public institutions other than the Privatization Administration of Turkey are included in the report.

• Mergers and share transfers between group companies and transactions where financial institutions were involved within the framework of debt restructuring are not taken into consideration.

• Mergers and acquisitions realized by Turkish companies abroad and mergers and acquisitions realized by subsidiaries of Turkish companies which were established abroad are not taken into consideration.

• Acquisitions made through stock purchases or tender offers on Istanbul Stock Exchange are not taken into consideration.

• Land sales for which there is no development plan are not taken into consideration.

• Transaction values do not include the financial liabilities undertaken by the investor.

Basis of preparation of the study

EY Turkey

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This material has been prepared for general informational purposes only and is not intended tobe relied upon as accounting, tax, or other professional advice. Please refer to your advisors forspecific advice.

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