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Home > News & Insights > New M&A report published by the Turkish Competition Authority for 2020

News & Insights

New M&A report published by the Turkish Competition Authority for 2020

16 March 2021

The Economic Analysis and Research Department of the Turkish Competition Authority (the "TCA") published its report on mergers and acquisitions relating to the year 2020 (the "Report") on its official website on 5 March 2021.

Giving a snapshot of the TCA's M&A activities, this Report provides several categorisations and comparative statistics regarding the transactions notified and resolved in 2020.

Important numbers indicated under the Report may be summarised as follows:

  • Slight increase in notified transactions: In 2020, a total of 220 mergers and acquisitions were examined by the TCA. Despite the ongoing pandemic situation worldwide, the number of notified transactions has slightly increased in 2020 (202 transactions in 2019) and is also above the average number of transactions examined by the TCA during the last 8 years (i.e. 204).
  • Turkish targets: 75 notified transactions relate to target companies incorporated in Turkey, with a total deal value of TRY 29.192 billion (approx. EUR 3.6 billion ).
  • Foreign-to-foreign transactions: 132 decisions relate to transactions conducted abroad by all foreign (no-Turkish) parties, with a total value of TRY 2.668 trillion (approx. EUR 332.7 billion).
  • Out-of-scope: 13 notified transactions were not subject to the TCA's control.  

Other practical highlights of the Report are as follows:

  • Foreign investors: German investors are the champions of 2020, with 5 transactions notified in Turkey, followed by the United Arab Emirates and Luxembourg with 4 transactions each.
  • Sector distribution: Most of the notified transactions were conducted in the production, transmission and distribution of electricity (7), followed by other wholesale trade in a specific product sector (5), and the computer programming, consultancy and related activities sector (4). Highest transaction value was reached in the financial intermediaries sector with TRY 7.34 billion (approx. EUR 915 million).
  • Conditional clearance and blocked merger: Three transactions were subject to final examination. Two of these were approved with commitments of the notification parties and one was blocked by the TCA.
  • Examination lead-times: In 2020, the notified transactions were finalised approximately 18 days as from the last notification date.

This Report confirms that, despite the increasing workload of the TCA and the difficult context generated by the Covid outbreak, the latter has been capable of handling merger control filings swiftly and without generating any significant time and procedural burden for the transaction parties, thereby helping to boost the confidence of international investors.

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In compliance with Turkish bar regulations, opinions relating to Turkish law matters that are included in this client alert have been issued by Özdirekcan Dündar Şenocak Avukatlık Ortaklığı, a Turkish law firm acting as correspondent firm of Gide Loyrette Nouel in Turkey.

 

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