Annual Turkish M&A Review 2015

January 2016

Annual Turkish M&A Review 2015

Basis of Presentation

Transactions data presented in this report are based on information that is readily available in the public domain and include transactions with closing procedures still ongoing at the year end.

This study does not include capital market transactions, IPOs, real estate sales, intra-group share transfers and transactions of financial institutions within the framework of debt restructuring.

We do not accept any responsibility as to the accuracy or completeness of the data or as to whether all transactions listed herein will necessarily close.

Foreword

2015 was a challenging year for the M&A market here, in the shadow of political uncertainty and weakened growth story of the economy. Nevertheless, the Turkish M&A market recorded a total deal volume of c. US$16.4 billion through 245 deals and managed to remain largely flat.

In the lack of privatizations mostly driven by Turkish investors in the past, foreign buyers drove the overall M&A volume. Despite rising risk perceptions, the total deal size generated by foreign investors increased by 44% compared to 2014 and made up c. 70% of the total annual deal volume.

The privatization activity remained low at one of the fewest number of deals historically and represented only a small portion of the total annual deal volume while the private sector deal volume was the highest in the last three years. On the other hand, although very cautious this year, financial investors with different profiles, continued to invest in Turkish companies through debt and equity deals.

As similar to the previous years, middle market transactions kept pace with a wider sectoral coverage. On the other hand, half of the total deal volume was generated by a handful of deals of US$500 million-plus.

Looking ahead to 2016, geopolitical risks in the region, pressure on the emerging markets due to the recent FED’s interest rate increase and internal political debates are hindering clear forecasts. Having said that, strong demographics, continued single party governance and anticipated economic reforms to create a new growth story help to alleviate our concerns for the future M&A activity.

On behalf of our corporate finance team in Deloitte Turkey, we are delighted to share our annual M&A report, featuring our analyses and views regarding the Turkish M&A market.

Başak Vardar

Financial Advisory Leader

Partner

1

2

Foreign investors’ appetite and middle market dynamism kept the deal flow alive in a challenging year

Investors remained keen on exploring investment opportunities in the Turkish market in a difficult year, characterized by uncertainty. Total M&A deal volume in 2015 was around US$16.4 billion through 245 transactions. Foreign investors drove the activity by making 70% of the total deal volume. Privatization activity was at one of the lowest levels historically, while the middle market and financial investors were again active.

In a challenging year in the midst of political uncertainty, geopolitical tension in the region, volatile exchange rates and diminishing consumer and investor confidence, the Turkish M&A market managed to remain largely flat.

Out of 245 deals, 114 had a disclosed deal value adding up to c. US$10.9 billion. Considering the estimated value of deals with undisclosed values, we estimate that total M&A volume was around US$16.4 billion in 2015, representing a 9% decrease compared to 2014 (2014 – US$18 billion via 234 deals). Small and middle market transactions shaped the overall M&A activity by deal numbers; foreign investors dominated the annual volume; and privatization deals dropped to one of the lowest levels in the last decade.

While foreign investors shared the total deal number almost evenly with local investors, they played a dominant role in the deal volume. In the lack of privatizations mostly driven by Turkish buyers historically and as opposed to the last couple of years, the contribution of foreign investors to the annual deal volume was very strong, at a level of 70% through 125 transactions with a total deal size of c. US$11.5 billion (including estimates for undisclosed values), corresponding to an increase of 44% compared to 2014. Besides, Turkish investors represented the remaining 30% of the annual deal value through 120 deals with a total deal value of c. US$4.9 billion (including estimates for undisclosed values), representing a decrease of 51% compared to 2014.

3

Privatization activity which was noteworthy in recent years, remained limited at one of the lowest levels historically, due to postponed tender processes with respect to consecutive elections and thus pulled down the deal volume. Total deal value of privatizations remained low around US$1.8 billion (2014 – US$5.9 billion) through 7 deals, mostly being power generation assets, and represented c. 11% of the total deal volume.

On another note, the private sector deal volume had a y-o-y growth of 25% and the contribution of foreign investors to the private sector deal volume was around 79%.

This year’s largest deal was in the private sector, namely Qatar National Bank’s majority stake acquisition – worth c. US$3 billion – in Finansbank, that made up 18% of the total annual deal volume. Furthermore, the ten largest transactions comprised c. 50% of the total deal value (including estimates for undisclosed values). If the terms were disclosed and successfully closed after certain regulatory approvals, we would expect a couple of other deals to enter the top ten list; in such a case, this ratio would be even higher around 57%. Excluding the ten largest deals with disclosed values, the remainder (235 deals) totalled around US$8.2 billion, corresponding to an average deal size of c. US$35 million. Furthermore, 193 transactions each with a deal value less than c. US$50 million, which accounted for 79% of the total deal number, represented only c. 12% of the total deal value (based on an analysis including estimates for undisclosed values).

Financial investors with various profiles continued to play a major role in the M&A market and made up 19% and 21% of the total deal volume and the total number of deals, respectively (c. US$3.1 billion – including estimates for undisclosed values – in 52 deals). Although they pursued prudent strategies, their M&A activity outperformed 2013 and 2014 both in terms of deal number and value, due to the increasing number of deals by development banks and venture capital firms, including debt deal structures.

Despite adverse geopolitical events in the region and expected lower growth dynamics for emerging markets, a recovery is expected on the back of the continuation of the single party government and anticipated economic reforms.

4

Year 2011 2012 2013 2014 2015

Deal Number 237 253 215 234 245

Deal Volume US$15.0 billion US$22.0 billion US$17.5 billion US$18.0 billion US$16.4 billion

Privatizations / Share in Total

US$1 billion / 7% US$6.4 billion / 29% US$6.6 billion / 38% US$5.9 billion / 33% US$1.8 billion / 11%

Foreign Investors (*) 74% of deal value

59% of deal value

30% of deal value

44% of deal value

70% of deal value

Financial Investors 8% of deal value

7% of deal value

12% of deal value

12% of deal value

19% of deal value

Average Deal Size (**) c. US$63 mn c. US$87 mn c. US$81 mn c. US$77 mn c. US$67 mn

Share of the Ten Largest Deals in Total Volume

56% 71% 49% 55% 50%

Largest Deal Value / Share in Total

US$2.1 bn (Genel Enerji) / 14%

US$3.8 bn (Denizbank) / 17%

US$1.7 bn (Toroslar Electricity Disco) / 10%

US$2.7 bn (Yeniköy and Kemerköy Power Plants) / 15%

US$3.0 bn (Finansbank) / 18%

Note: Data presented above include estimates for deals with undisclosed values and are adjusted for cancelled transactions.

(*) Excluding privatizations, foreign investors’ share in the remainder of the deal value was 79%, 83%, 47%, 66% and 79% in respective years.

(**) Excluding the ten largest deals, the average deal size of the remainder was c. US$29, c. US$26, c. US$44, c. US$36 and c. US$35 million in respective years.

At a glance

5

Deal Volume and Deal Number

15,0

22,0

17,518,0

16,4

237253

215 234

246

0

50

100

150

200

250

300

0

5

10

15

20

25

30

2011 2012 2013 2014 2015

(US$

billi

on)

Deal Volume and Deal Number

Deal Value Deal Number

5

245

6

Privatizations

(*) Figures above do not include SDIF sales

Privatizations (*)

17,3

15,0

22,0

17,5 18,016,4

2,9

1,0

6,4 6,65,9

1,8

17%

7%

29%

38%

33%

11%

0%

5%

10%

15%

20%

25%

30%

35%

40%

0

5

10

15

20

25

30

2010 2011 2012 2013 2014 2015

(US$

billi

on)

Privatizations

Total Deal Value Privatizations Ratio to Total Deal Value (%)

8 22 13 13 726

17,3

15,0

22,0

17,5 18,016,4

2,9

1,0

6,4 6,6 5,9

1,8

17%

7%

29%

38%

33%

11%

0%

5%

10%

15%

20%

25%

30%

35%

40%

0

5

10

15

20

25

30

2010 2011 2012 2013 2014 2015

(US$

billi

on)

Privatizations

Total Deal Value Privatizations Ratio to Total Deal Value (%)

8 22 13 13 726

Far from being a major driver of the deal volume as in the last 3 years, privatization activity was at one of the lowest levels historically, both in terms of deal number and deal volume mostly due to heavy political agenda and consecutive elections throughout the year. A deal volume of c. US$1.8 billion (only c. 11% of the annual deal volume) was realized through the sale of a few power generation assets (1 thermal power plant and 5 hydroelectric power plants) and a mine site to Turkish investors. Likewise, the Savings Deposit Insurance Fund (SDIF) postponed a couple of tenders such as Adabank and Olay Medya to 2016.

Privatizations’ weight in the top ten list was also slight in 2015 both in terms of deal value and deal number (3 out of 10) as opposed to larger shares in 2013 and 2014.

Deal Number

7

Acquirer Origin Target SectorDeal Value

(US$ million)

1 Konya Şeker Turkey Soma B Thermal Power Plant Energy 686

2 Kolin İnşaat Turkey Doğankent, Kürtün ve Torul HEPPs Energy 418

3 İçtaş Hidroelektrik ve Termik Enerji Üretim Turkey Kadıncık 1 HEPP, Kadıncık 2 HEPP Energy 301

4 Gama Enerji Turkey Karacaören 1 HEPP, Karacaören 2 HEPP Energy 179

5 Kibar Holding Turkey Kepez 2 HEPP, Manavgat HEPP Energy 128

6 Eti Alüminyum A.Ş. Turkey Fethiye HEPP Energy 44

7 Straton Maden Yatırımları ve İşletmeciliği A.Ş. Turkey Yeniköy Yatağan Mine Site Mining 5

Privatizations

7

8

Investor origin

Deal Value (Disclosed; US$ million)

Deal Number

Turkish Investors120

USA27

UK13

Germany11

Japan10

France7

Italy5 Switzerland

5 UAE

5 Denmark

4

Other38

Foreign Investors125

Deal Number

Turkish Investors35%

Qatar31%

USA18%

China9%Malaysia

2%Japan2%

UK2%

Other1%

Foreign Investors65%


**

Foreign investors generated a total deal volume of c. US$11.5 billion (including estimates for undisclosed values) through 125 deals, while Turkish investors engaged in 120 deals amounting to c. US$4.9 billion (including estimates for undisclosed values). In terms of number of deals, foreign and local investors shared the M&A market almost evenly in 2015.

Despite a significant number of market factors threatening investors’ confidence, foreign investors, both in financial and strategic roles, made their footprint in the M&A activity this year after all-time low contribution to the deal volume in 2013 and 2014 (30% and 44%, respectively) and made 70% of the annual deal volume (including estimates for undisclosed values), corresponding to a 44% increase on the amount they invested in 2014 (2014 – US$8 billion). While the number of deals engaged by Turkish investors remained in line with the last year (2014 – 121 deal), their deal value contracted significantly by 51% (2014 - US$10 billion).

Similar to previous years, Euro-zone based investors were the most active among foreign investors with 62 deals, while 28 deals were made by North American investors, 19 deals by Far East based investors and 14 deals by Gulf investors. In line with previous years, investors from USA and the UK were at the top of the list in terms of deal numbers, followed by German and Japanese investors.

(*) 30% / 70% including estimates for undisclosed values

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Among foreign investors, the largest share (c.39%) of the deal value belonged to Gulf based investors, mostly due to a couple of sizeable Qatari investments like Finansbank, Boyner and Digiturk. Once more, North American and European investors’ interest was enduring and their investments had a total value of c. US$2.9 billion and US$2.2 billion, representing 25% and 19% of foreign investors’ deal value (including estimates for undisclosed values), respectively. Furthermore, Far East investors made up c. 16% of foreign investor deal value.

By origin, Turkish investors followed by the Qatari and US counterparties were the top three leading investors in terms of deal value (including estimates for undisclosed values), corresponding to 74% of the overall deal volume. A few sizeable transactions was decisive on the total deal value generated by Qatari and Chinese investors.

In terms of deal number, energy and manufacturing were the most M&A active sectors both for Turkish and foreign investors. In terms of deal value, energy sector remained dominant for Turkish investors, corresponding to 56% of the total deal volume generated by Turkish investors. On the other hand, foreign investors had more diversified sector preferences. Financial services sector was ranked first, which covered 29% of total deal value generated by foreign investors, followed by energy and media sectors.

Private sector deals were highly dominated by foreign investors. Excluding privatizations, the private sector deal volume was around US$14.6 billion in 2015, the second highest in the last five years, of which 79% was generated by foreign investors, a strong recovery from 2013 – 2014 period.

Foreign Investors' Share In Private Sector Deal Volume

11,113,0

5,2

8,0

11,5

2,9

2,3

5,3

3,7

3,1

0

2

4

6

8

10

12

14

16

18

20

2011 2012 2013 2014 2015

(US$

billi

on)


Foreign Investors Turkish Investors

79% 85% 50% 68% 79%

11,113,0

5,2

8,0

11,5

2,9

2,3

5,3

3,7

3,1

0

2

4

6

8

10

12

14

16

18

20

2011 2012 2013 2014 2015

(US$

billi

on)


Foreign Investors Turkish Investors

79% 85% 50% 68% 79%

Foreign Investors' Share

14,0

15,3

10,5

11,7

14,6

10

Financial investor activity

Financial Investor Activity

17,3

15,0

22,0

17,5 18,016,4

0,9 1,2 1,6 2,1 2,13,1

5%

8%

7%

12%12%

19%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

0

5

10

15

20

25

30

2010 2011 2012 2013 2014 2015

(US$

billi

on)


Total Deal Value Financial Investor Deals Ratio to Total Deal Value (%)

46 57 35 36 5224

Total Deal Number

In a highly unfavourable investment climate, financial investors, including private equities, venture capital firms and development banks, pursued investments in Turkish assets through debt and equity deal structures in 2015.

Among financial investors we observed many transactions, in the form of both equity and debt deals, by investment and development banks that are focused on developing and supporting private sector investments in emerging markets.

On the other hand, private equity firms, in general, were increasingly cautious and selective in extended deal processes, while some of these firms were engaged in fund raising activities throughout the year.

Some of the private equity firms, although less in number this year, carried on their pattern of regular acquisitions while some others entered the Turkish M&A market with their initial investments.

Within this framework, financial investor activity kept its pace with a deal volume of c. US$3.1 billion (including estimates for undisclosed values) in 52 deals.

This represents a contribution of 19% (highest contribution since 2008) and 21% to the total deal volume and total deal number, respectively. In terms of deal value, the amount committed by financial investors was the highest since 2008, largely due to the sizeable Goldman Sachs – Socar deal.

International Finance Corporation (IFC) and European Bank for Reconstruction and Development (EBRD) took part as buy sides in a total of 11 deals.

Financial investors showed interest in all of the primary sectors such as energy, consumer business, manufacturing, financial services, healthcare and technology. Energy and e-commerce sectors shared the first rank by 9 transactions each, while technology sector coming in second by 5 deals. These sectors were followed by food & beverage (4), internet & mobile services (4), financial services (4) and manufacturing (4) sectors.

Private equity firms made a total of 13 exit deals where the acquirers were mostly the existing/founder shareholders of those companies.

17,3

15,0

22,0

17,5 18,016,4

0,9 1,2 1,6 2,1 2,13,1

5%

8%

7%

12%12%

19%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

0

5

10

15

20

25

30

2010 2011 2012 2013 2014 2015

(US$

billi

on)



46 57 35 36 5224

Total Deal Number

17,3

15,0

22,0

17,5 18,016,4

0,9 1,2 1,6 2,1 2,13,1

5%

8%

7%

12%12%

19%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

0

5

10

15

20

25

30

2010 2011 2012 2013 2014 2015

(US$

billi

on)



46 57 35 36 5224

Total Deal Number

11

Seller Target Acquirer

Actera g2m Yıldız Holding

ADM Capital AKG Yalıtım ve İnşaat Malzemeleri

AKG Shareholders

ADM Capital İstanbul Çorap Doenyas Family (former İstanbul Çorap shareholders)

Ares Management Marmara Forum Blackstone Group

Esas Holding BSK Antalya Sağlık Hizmetleri ADM Capital (through Anadolu Hospital)

General Atlantic Yemeksepeti Delivery Hero Holding GmbH

Infinity Invest Holding Caffe Nero Gıda Ürünleri A.Ş. Caffe Nero Ventures Limited

International Finance Corporation (IFC), IFC Asset Management

GAMA Enerji Tenaga Nasional Berhad

İş Girişim (partial exit) Radore Veri Merkezi Hizmetleri A.Ş.

Private Investor (Mustafa Selçuk Saraç)

NBK Kılıç Deniz Ürünleri Üretimi Kılıç Holding

Point Nine Capital, Team Europe, Felicis Ventures

Mobilike Mobil Reklam Pazarlama

Opera Mediaworks Inc.

Pond Ventures Mekanist.net Zomato

Providence Equity Partners, Turkven Digiturk (*) beIN Media Group

Private Equity Exits

(*) Closing procedures pending as of the year-end

11

12

# Acquirer Origin Target Sector StakeDeal Value

(US$ million)

1 500 Startups USA Adphorus Media N/D 1

2 The Abraaj Group UAE Yu-Ce Tibbi Gereçler Manufacturing N/D N/D

3The Abraaj Group, European Bank for Reconstruction and Development (EBRD)

UAE, UK BRN Yatak Manufacturing N/D N/D

4 ADM Capital (through Anadolu Hospital) Hong Kong BSK Antalya Sağlık Hizmetleri Healthcare 100% N/D

5 Aslanoba Capital Turkey Sinemia E Commerce N/D N/D

6 Aslanoba Capital Turkey Gümüş Su Food & Beverage N/D 8

7Aslanoba Capital, Earlybird Venture Capital

Turkey, Germany oBilet E Commerce N/D N/D

8

Aslanoba Capital, Hummingbird Ventures, Private Investors (Burak Divanlıoğlu, Melis Güçtaş Esin, Nevzat Aydın, Serkan Borançılı)

Turkey, Belgium Modacruz E Commerce N/D 3

9Aslanoba Capital, Private Investor (Nevzat Aydın)

Turkey Mobil Oto Servis Internet & Mobile Services N/D N/D

10 BCM Global Fund Ltd. USA Petkim Energy 2% 24

11 Blackstone Group USA Marmara Forum Real Estate 50% N/D

12Darby Overseas Investments, Pera Capital

USA, Turkey Koza Gıda Dağıtım Wholesale & Distribution 50% N/D

13 Elixir Capital USA Annelutfen E Commerce N/D 4

14European Bank for Reconstruction and Development (EBRD)

UK Borsa Istanbul Financial Services 10% N/D


UKAkfen HES, Akfen RES, Karine Enerji

Energy 20% 100


UK Global Liman Infrastructure 11% 57

17European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC)

UK, USA Fibabanka Financial Services 20% N/D

18European Bank for Reconstruction and Development (EBRD), Revo Capital

UK, Turkey Onedio Internet & Mobile Services N/D 3

19 Global Capital Management KuwaitOlgarlar Spor Malz. Tic A.Ş. (SPX)

Retail 70% N/D

20 Goldman Sachs USA SOCAR Turkey Enerji A.Ş. Energy 13% 1.300

21 Howzat Partners, Elixir Capital UK, USA Otelz.com E Commerce N/D N/D

22 IFC Global Infrastructure Fund USA Gama Enerji Energy 27% N/D

23 iLab Ventures Turkey Arabam.com E Commerce 100% 4

24 International Finance Corporation (IFC) USA Unit Investment Energy 23% N/D

25 International Finance Corporation (IFC) USA Zenium Technology N/D 25

26 International Finance Corporation (IFC) USA Hexagon Katı Atık Services N/D 20

Financial Investor Deals

13


(US$ million)

27International Finance Corporation (IFC), 212 Capital Partners, Endeavor Catalyst, Pahicle Invest

USA, Turkey, Austria

iyzico Internet & Mobile Services N/D 6

28 Investcorp Bahrain Arvento Technology N/D N/D

29Iris Capital (through STC Ventures), Aslanoba Capital

Saudi Arabia Modanisa E Commerce N/D 6

30 İş Girişim Turkey Ortopro Tıbbi Aletler Healthcare 51% 8

31 Mayhoola for Investments Qatar Boyner Perakende ve Tekstil Retail 31% 331

32MCI Private Ventures, İş Girişim and Private Investor (Barış Aksoy)

Poland, Turkey Mika Tur (Tatil Budur) E Commerce 80% 16

33 Mediterra Capital Turkey Söke Değirmencilik Food & Beverage 100% N/D

34 Mediterra Capital Turkey Tavuk Dünyası Food & Beverage 51% N/D

35 Mid Europa UK Customer Management Center Services 100% N/D

36 Pera Capital Turkey Beken Otomotiv (Autoking) Financial Services 50% N/D

37 Revo Capital Turkey Neozeka Technology N/D N/D

38 Revo Capital UK, Turkey Onedio Internet & Mobile Services N/D 1

39 Saudi Economic & Development Co. (*) Saudi Arabia Mektebim Okulları Education 30% N/D

40 Syntaxis Capital UF Poland Uğurlu Oto Cam Manufacturing N/D 17

41Templeton Asset Management, ADM Capital

USA, Hong Kong Defacto Retail 8% N/D

42 Tiger Global Management USA Evidea.com E Commerce N/D 3

43TRPE Capital, Private Investors (Ali Sabancı, Turgut Gürsoy, Emre Berkin and Kemal Cılız)

Turkey Blesh Technology N/D 3

44 UBS AG Switzerland Atlantik Petrol Ürünleri Energy 7% 1

45 UBS AG Switzerland Güler Yatırım Holding A.Ş. Financial Services 6% 0

46 Ünlü Private Equity and Turkven Turkey Natura Gıda (Ülker Golf) Food & Beverage 30% N/D

47 Verusa Turkey Gersan Elektrik A.Ş. Manufacturing 20% 9

48 Verusa Turkey Kafein Yazılım A.Ş. Technology 39% 2

49 Verusa Turkey Standard Enerji Üretim A.Ş. Energy 50% 0

50 Verusa (through Ata Elektrik) TurkeyAciselsan Acipayam Seluloz Sanayi

Chemicals 11% 2

51 Verusa (through Pamukova Elektrik) Turkey Enda Enerji Holding Energy 21% 17

52 Verusa (through Pamukova Elektrik) Turkey İklimya Elektrik Üretim A.Ş. Energy 94% 5

* Consists of two separate transactions where a stake of 19.5% and of 10.5% were acquired in May and December 2015, respectively.

14

Deal size ranges

Deal Value Ranges (*)

Range Share in Total Deal Number (%) Share in Deal Volume (%)

Over US$500 million 3% 51%

Between US$250 – 500 million 2% 12%



Less than US$50 million 79% 12%

Total 100% 100%

In line with previous years, the majority of the deals occurred in the small and middle market. 193 transactions each with a deal value less than US$50 million, corresponding to 79% of the total number of deals, represented only 12% of the total deal value. While there was only a few number of deals with a deal size of US$500 million or above (7 out of 245 – 3% of the total deal number), total value of these 7 deals (including estimates for undisclosed values) corresponded to 51% of the total deal size.

The ten largest deals (based on disclosed values) made up c. 50% of the total deal volume. The largest announced transaction was the acquisition of Finansbank by Qatar National Bank, for a consideration of c.US$3.0 billion. Investments of Goldman Sachs, COSCO Pacific & China Merchants Holding and Delivery Hero in Socar Turkey, Fina Liman Hizmetleri (Kumport) and Yemeksepeti, respectively, were the other major deals made by foreign investors, in addition to Digiturk and Ak Gıda transactions (if terms were disclosed and pending procedures were finalized). The largest deal succeeded by Turkish investors was the privatization of Soma B Thermal Power Plant for a consideration of US$686 million.

(*) Including estimates for deals with undisclosed values

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The Ten Largest Transactions (based on disclosed values)


(US$ million)

1 Qatar National Bank Qatar Finansbank Financial Services 100% 2.982


3COSCO Pacific Limited, China Merchants Holdings

China Fina Liman Hizmetleri (Kumport) Infrastructure 65% 940

4 Konya Şeker Turkey Soma B Thermal Power Plant Energy 100% 686

5 Delivery Hero Holding GmbH USA YemeksepetiInternet & Mobile Services

100% 589

6 Kolin İnşaat TurkeyDoğankent, Kürtün ve Torul HEPPs

Energy 100% 418

7 Demirören Holding A.Ş. Turkey Total Akaryakıt Dağıtım Energy 100% 356

8 Mayhoola for Investments S.P.C Qatar Boyner Perakende ve Tekstil Retail 31% 331

9 Turk Telekomünikasyon A.Ş. Turkey Avea İletişim Hizmetleri A.Ş. Telecommunication 10% 323

10İçtaş Hidroelektrik ve Termik Enerji Üretim

TurkeyKadıncık 1 HEPP, Kadıncık 2 HEPP

Energy 100% 301

Note: If the terms were disclosed, acquisition of Digiturk and Ak Gıda by beIN Media Group and Groupe Lactalis S.A., respectively, would be expected to enter the ten largest transactions list.

In 2015, the average deal size including all deals, and the average deal size excluding the ten largest transactions, were around US$67 million and US$35 million, respectively, which remained highly parallel to 2014 figures of US$77 million and US$36 million, respectively. This major gap underlines the plenitude of small and mid-cap deals.

16

Deal Number


Sectoral overview

110

37

44

128

167

168

185

323

368

533

599

997

3.104

4.139

0 1.000 2.000 3.000 4.000 5.000

Other

E Commerce

Technology

Pharmaceuticals

Manufacturing

Food & Beverage

Media

Telecommunication

Real Estate

Retail

Internet & Mobile Services

Infrastructure

Financial Services

Energy


22

5

6

7

7

7

8

8

9

10

13

15

15

17

18

38

41

0 10 20 30 40 50

Other

Pharmaceuticals

Healthcare

Chemicals

Media

Mining

Internet & Mobile Services

Wholesale & Distribution

Retail

Real Estate

E Commerce

Financial Services

Food & Beverage

Technology

Services

Energy

Manufacturing

Deal Number As envisaged in our previous year’s report, energy, manufacturing, financial services and food & beverage were among the most active M&A sectors. Manufacturing and energy were the two sectors leading the numbers, with 41 and 37 transactions respectively. Services (18), technology (17), financial services (15) and food & beverage (15) were also remarkable by deal number.

Energy sector continued to be the leading industry by value with a total deal value of US$4.9 billion (including estimates for undisclosed values), representing 30% of the total annual deal value. Out of the ten largest deals, 5 were energy sector transactions amounting to a total deal size of c. US$3.1 billion.

On another note, the majority of the total deal value was derived from a single transaction in financial services, media, infrastructure, internet & mobile services and telecommunications sectors.

Targets, acquired by financial investors, were diversified in a wide range of industries among which energy, technology and e-commerce ranked as the most active ones. In terms of deal value, financial investors dominantly invested in the energy sector and their focus on energy investments has formed c. 58% of total financial investor deal volume.

37

17

Prospects

While it appears uncertain that the economic and political environment would be stable to promise a strong M&A market next year, we believe investors will continue to see attractive opportunities in the Turkish market. We expect foreign acquirers and private equity firms to keep pace in their M&A activities, while it is critical to implement certain reforms and secure a new growth story for investors.

In 2016, we expect the M&A activity to be widely dispersed across industries, led by manufacturing, energy, food and beverage and services. Middle market transactions will continue their momentum and dominate the overall activity in terms of deal numbers.

We also notice that the privatization agenda may be mobilized after a restrained year. A number of new and renewed tenders that are anticipated (National Lottery, Highways and Bridges, Türkiye Petrolleri Petrol Dağıtım A.Ş. and certain energy assets) promise a solid deal volume for the next year, if these will be delivered successfully.

18

2015 Deal list


(US$ million)


2 A1 Capital Menkul Değerler Turkey Ayborsa Menkul Değerler Financial Services 90% N/D




5 Acıbadem Poliklinikleri Turkey Bodrum Tedavi Hizmetleri Healthcare 40% N/D

6 ACWA Power International Saudi Arabia Ventis Enerji Yatırımları Energy 100% N/D

7ADM Capital (through Anadolu Hospital)

Hong Kong BSK Antalya Sağlık Hizmetleri Healthcare 100% N/D

8 Air Liquide SA France Messer Aligaz San. Gazları Chemicals 100% N/D

9 Akdeniz Güvenlik Hizmetleri TurkeyAtak Koruma ve Güvenlik Hizmetleri

Services 1% 0

10 AKG Shareholders TurkeyAKG Yalıtım ve İnşaat Malzemeleri

Manufacturing 50% N/D

11 Akiş GYO, Ali Raif Dinçkök Turkey SAF GYO Real Estate 26% 125

12 Aksel Yatırım Holding Turkey HBZ Gayrimenkul Turizm Construction 49% 24

13 Aksel Yatırım Holding A.Ş. Turkey Staroil Petrolcülük A.Ş. Energy 100% 7

14Alivira (through Provet Veterinary Products A.Ş.)

India Topkim İlaç Premiks Pharmaceuticals 100% 7

15 ALK Denmark Albio Allerji Pharmaceuticals 100% N/D

16 Allianz Sigorta A.Ş. Turkey Beykoz Gayrimenkul Real Estate 100% 187

17 Ansa Yatırım Holding A.Ş. TurkeyMFG Akaryakıt Ürünleri Dağıtım

Energy 14% 1

18Archer Daniels Midland Company

USA Amylum Nişasta A.Ş Food & Beverage 50% N/D

19 Armacell Enterprise GmbH Luxembourg Das Yalıtım (OneFlex) Manufacturing 100% N/D

20 Asiatech Energy Pte Ltd SingaporeBozüyük CCPP, Çerkezköy CCPP

Energy 100% 28

21 Askale Çimento Turkey Sançim Bilecik Çimento Manufacturing 100% N/D




Turkey, Germany

oBilet E Commerce N/D N/D

25


Turkey, Belgium

Modacruz E Commerce N/D 3



27Ata Romorkör Kurtarma Hizmetleri

Turkey Escort Teknoloji Yatırım A.Ş. Technology 5% 1

28 Atalian Global Services FranceEkol Teknik Temizlik; Ekol Grup Güvenlik Hizmetleri

Services 51% N/D

19


(US$ million)


2 A1 Capital Menkul Değerler Turkey Ayborsa Menkul Değerler Financial Services 90% N/D




5 Acıbadem Poliklinikleri Turkey Bodrum Tedavi Hizmetleri Healthcare 40% N/D

6 ACWA Power International Saudi Arabia Ventis Enerji Yatırımları Energy 100% N/D

7ADM Capital (through Anadolu Hospital)

Hong Kong BSK Antalya Sağlık Hizmetleri Healthcare 100% N/D

8 Air Liquide SA France Messer Aligaz San. Gazları Chemicals 100% N/D

9 Akdeniz Güvenlik Hizmetleri TurkeyAtak Koruma ve Güvenlik Hizmetleri

Services 1% 0

10 AKG Shareholders TurkeyAKG Yalıtım ve İnşaat Malzemeleri


11 Akiş GYO, Ali Raif Dinçkök Turkey SAF GYO Real Estate 26% 125

12 Aksel Yatırım Holding Turkey HBZ Gayrimenkul Turizm Construction 49% 24

13 Aksel Yatırım Holding A.Ş. Turkey Staroil Petrolcülük A.Ş. Energy 100% 7

14Alivira (through Provet Veterinary Products A.Ş.)

India Topkim İlaç Premiks Pharmaceuticals 100% 7

15 ALK Denmark Albio Allerji Pharmaceuticals 100% N/D

16 Allianz Sigorta A.Ş. Turkey Beykoz Gayrimenkul Real Estate 100% 187

17 Ansa Yatırım Holding A.Ş. TurkeyMFG Akaryakıt Ürünleri Dağıtım

Energy 14% 1

18Archer Daniels Midland Company

USA Amylum Nişasta A.Ş Food & Beverage 50% N/D

19 Armacell Enterprise GmbH Luxembourg Das Yalıtım (OneFlex) Manufacturing 100% N/D

20 Asiatech Energy Pte Ltd SingaporeBozüyük CCPP, Çerkezköy CCPP

Energy 100% 28

21 Askale Çimento Turkey Sançim Bilecik Çimento Manufacturing 100% N/D




Turkey, Germany

oBilet E Commerce N/D N/D

25


Turkey, Belgium

Modacruz E Commerce N/D 3



27Ata Romorkör Kurtarma Hizmetleri

Turkey Escort Teknoloji Yatırım A.Ş. Technology 5% 1

28 Atalian Global Services FranceEkol Teknik Temizlik; Ekol Grup Güvenlik Hizmetleri

Services 51% N/D


(US$ million)

29 Axpo Holding SwitzerlandDemirören Axpo Enerji Toptan Ticaret

Energy 50% N/D

30 AZ International Holdings ItalyBosphorus Capital Portföy Yönetimi

Financial Services 70% 9

31 Bati Ege Tarim TurkeyNaturak Gayrimenkul Geliştirme

Real Estate 100% 11

32 BCM Global Fund Ltd. USA Petkim Energy 2% 24

33 beIN Media Group Qatar DigiTurk Media 100% N/D

34Beykoz Doğa Öğretim Yatırım

TurkeyTopyay Spor İnşaat Gıda ve Sağlık

Entertainment 39% 8

35 Biesse S.p.A. Italy Nuri Baylar Makine Manufacturing 80% 1

36 Bilen Havacılık Ltd. Şti. TurkeyTürkmen Havacılık ve Taşımacılık A.Ş.

Aviation 100% N/D

37 Blackstone Group USA Marmara Forum Real Estate 50% N/D

38Bourbon Automotive Plastics GmbH

Germany Otosima Plastik Manufacturing 100% N/D

39 BPlas Bursa Turkey Zey-Tur-San Gıda Food & Beverage N/D N/D

40 Brantner Walter Ges.m.b.H. Austria ATEN Brantner A.Ş. Services 50% N/D

41 Brenntag AG Germany Parkoteks Kimya Chemicals 100% N/D

42 Bunzl Plc UKIstanbul Tic. Is Guvenligi; Istanbul Tic. Hirdavat

Wholesale & Distribution 100% N/D

43 Business Integration Partners Italy Cluster Alliance Services N/D N/D

44 Caffe Nero Ventures Limited UK Caffe Nero Gıda Ürünleri A.Ş. Restaurants & Hospitality 50% N/D

45 Calucem d.o.o. Croatia Lutfullah Kitapçı Madencilik Mining 100% N/D

46 Çanakçı HES Elektrik Üretim Turkey Akocak HEPP Energy 100% 81

47 Cargill Inc. USAEkol Gıda Tarım ve Hayvancılık

Agriculture & Breeding 51% N/D

48 Carrefoursa Turkey Kiler Alışveriş Hizmetleri Gıda Retail 85% 166

49 Carrefoursa TurkeyAntalya Market İşletmeciliği (29 retail stores)

Retail 100% 12

50 Carrefoursa Turkeyİsmar Marketler Zinciri Gıda (26 retail stores)

Retail 100% 11

51 Çatak Enerji Elektrik Üretim Turkey Yelen-Gulpınar Enerji Üretim Energy 70% 4

52 Çobanlar Mermer TurkeyKommersan Kombassan Mermer Maden İşletmeleri

Mining 100% 6

53 Comparex AG GermanyDataserv Information Technologies Inc.

Technology 51% N/D

54COSCO Pacific Limited, China Merchants Holdings

ChinaFina Liman Hizmetleri (Kumport)

Infrastructure 65% 940

55 Cukurova Holding TurkeyKaplamin Ambalaj, Atkasan, Ova Oluklu Mukavva, Yalova Ambalaj, Selkasan Kağıt

Manufacturing N/D N/D

56 Danfoss A/S Denmark DAF Enerji Manufacturing 60% N/D

57 DAP Yapı Turkey Eltes İnşaat Construction 100% N/D

58Darby Overseas Investments, Pera Capital

USA, Turkey Koza Gıda Dağıtım Wholesale & Distribution 50% N/D

20


(US$ million)

59 Defne Tur Turkeyİlknak Su Ürünleri, Miramar Su Ürünleri

Agriculture & Breeding 100% 5

60 Delivery Hero Holding GmbH USA Yemeksepeti Internet & Mobile Services 100% 589

61 Demirören Holding A.Ş. Turkey Total Akaryakıt Dağıtım Energy 100% 356

62 Discovery Communications USA CNBC-e Media 100% N/D

63Doenyas Family (former İstanbul Çorap shareholders)

Turkey İstanbul Çorap Real Estate N/D N/D

64 Doğan Enerji Yatırımları Turkey Aytemiz Akaryakıt Dağıtım Energy 50% 64

65 Doğan Holding Turkey Doğan TV Holding Media 3% 72

66 DS Smith Plc. UK Dasa Milas Ambalaj Manufacturing 100% N/D

67 DyDo DRINCO Inc. JapanDella Gıda, Bahar Su, İlk Mevsim Meyve Suları

Food & Beverage 90% 111

68 Elixir Capital USA Annelutfen E Commerce N/D 4

69 Elton Corporation SA RomaniaMarmara Endüstriyel Kimyevi Maddeler

Chemicals 70% N/D

70 Enucuz Pazarlama Turkey Batı Ege Kozmetik Retail 100% N/D

71 Erciyas Çelik Boru Turkey Özbal Çelik Boru Manufacturing 51% N/D

72 Erdemoğlu Group TurkeyAdvansa Sasa Polyester Sanayi

Manufacturing 51% 102

73 Eroğlu Holding A.Ş. Turkey Multi Edirne Emlak Geliştirme Real Estate 100% N/D

74Essilor Optica International Holding SL

France Merve Optik Wholesale & Distribution 65% N/D

75 Eti Alüminyum A.Ş. Turkey Fethiye HEPP Energy 100% 44

76 Eurasian Minerals Canada EBX Madencilik Mining 51% 0


UK Borsa Istanbul Financial Services 10% N/D


UKAkfen HES, Akfen RES, Karine Enerji

Energy 20% 100


UK Global Liman Infrastructure 11% 57

80

European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC)

UK, USA Fibabanka Financial Services 20% N/D

81

European Bank for Reconstruction and Development (EBRD), Revo Capital

UK, Turkey Onedio Internet & Mobile Services N/D 3

82 EWE AG GermanyMillenicom Telekomünikasyon Hizmetleri

Telecommunication 100% N/D

83 Fahrzeugwerk Bernard Krone Germany Krone Doğuş Treyler Manufacturing 49% 10

84 Faik Celik Holding Turkey Emarc-Çelik Otomotiv Manufacturing 55% N/D

85 Fibertex Nonwovens A/S DenmarkRibatek Tekstil (Non-woven business)

Manufacturing 100% 18

86 Finansbank A.Ş. Turkey PSA Finansman A.Ş. Financial Services 100% 4

87 Fluidmaster Inc. USA Key Teknik Yapı Malzemeleri Manufacturing 100% N/D

21


(US$ million)

88 Fosroc International Limited UK Idea Yapı Kimyasalları Chemicals 80% N/D

89 Gama Enerji TurkeyKaracaören 1 HEPP, Karacaören 2 HEPP

Energy 100% 179

90 Gazprom Russia Akfel Gaz Energy N/D N/D

91 Getinge Infection Control AB SwedenGOA Teknoloji Danışmanlık (Stericool)

Healthcare 100% N/D

92 Global Capital Management KuwaitOlgarlar Spor Malz. Tic A.Ş. (SPX)

Retail 70% N/D

93 Global Menkul Değerler Turkey Eczacıbaşı Menkul Değerler Financial Services 100% 8


95 Gonvari Steel Services SpainÇepas Galvaniz Demir Çelik Madencilik A.Ş.

Mining N/D N/D

96Greiner Packaging International

Austria Teknik Plastik; Teknik IML Manufacturing 51% N/D

97 Groupe Lactalis S.A. France AK Gıda Food & Beverage N/D N/D

98 GroupM USAdirectComm Marketing Group

Services N/D N/D

99 GS Yuasa International Ltd. Japan İnci Akü Manufacturing 50% N/D

100 GSD Holding Turkey Silopi Elektrik Energy 15% 125

101 Gulf Cryo Kuwait Yalız Gaz Chemicals 100% N/D

102 Güriş İnşaat Turkey Arpa HEPP Energy 100% N/D

103 Güriş İnşaat Turkey Tahta HEPP Energy 100% N/D

104 Hill International Inc. USAIMS Proje Yönetimi ve Danışmanlık A.Ş.

Services 100% N/D

105 HomeAway Inc USA Remar Bilgi Teknolojileri E Commerce N/D 2

106Howzat Partners, Elixir Capital

UK, USA Otelz.com E Commerce N/D N/D

107 hummel A/S DenmarkAkbulut Tekstil Sanayi Ticaret A.Ş.

Retail 51% N/D

108 Huvepharma AD BulgariaANC Hayvan Beslenmesi ve Sağlığı Hizmetleri

Pharmaceuticals 100% N/D

109 IBC SOLAR AG Germany Kosi Frankensolar P.L.U.S. Technology 100% N/D

110 ICBC China Tekstilbank Financial Services 25% 77

111İçtaş Hidroelektrik ve Termik Enerji Üretim

TurkeyKadıncık 1 HEPP, Kadıncık 2 HEPP

Energy 100% 301

112IFC Global Infrastructure Fund

USA Gama Enerji Energy 27% N/D

113 iLab Ventures Turkey Arabam.com E Commerce 100% 4

114 Indorama Ventures Thailand Polyplex Resins Manufacturing 100% N/D

115 InfoFort UAE CBKSoft Software Technology 51% N/D

116International Finance Corporation (IFC)

USA Unit Investment Energy 23% N/D


USA Zenium Technology N/D 25


USA Hexagon Katı Atık Services N/D 20

119

International Finance Corporation (IFC), 212 Capital Partners, Endeavor Catalyst, Pahicle Invest

USA, Turkey, Austria

iyzico Internet & Mobile Services N/D 6

120 Investcorp Bahrain Arvento Technology N/D N/D

22


(US$ million)

121 IPEG Beteiligungen AG SwitzerlandArbul Entegre Tekstil İşletmeleri A.Ş.

Manufacturing 22% 2

122 Ipragaz A.Ş. TurkeyPet Gaz A.Ş. (Bottled LPG and Autogas businesses)

Energy N/D N/D

123Iris Capital (through STC Ventures), Aslanoba Capital

Saudi Arabia Modanisa E Commerce N/D 6

124 İş Girişim Turkey Ortopro Tıbbi Aletler Healthcare 51% 8

125J. Walter Thompson Company Limited (WPP)

UK BBG Reklam ve Prodüksiyon Services 10% N/D

126Jones Lang LaSalle Incorporated

USA Avm Partners Real Estate 100% N/D

127Katmerciler Araç Üstü Ekipman

Turkey Gimkat Arac Üstü Ekipman Manufacturing 50% 0

128 Kazkommertsbank JSC (KKB) Khazakistan Şekerbank Financial Services 19% N/D

129 Kerry Group Plc. Ireland PST Pastacilik Gida Food & Beverage 100% N/D

130 Kibar Holding TurkeyKepez 2 HEPP, Manavgat HEPP

Energy 100% 128

131 Kılıç Holding Turkey Kılıç Deniz Ürünleri Üretimi Agriculture & Breeding 20% N/D

132 Kirchhoff Gruppe Germany Hidro-Mak A.Ş. Manufacturing N/D N/D

133 Kolin İnşaat TurkeyDoğankent, Kürtün ve Torul HEPPs

Energy 100% 418

134 Konya Şeker Turkey Soma B Thermal Power Plant Energy 100% 686

135 Kubota Corporation Japan Marubeni AG Makine Manufacturing N/D N/D

136 Kyocera Corporation JapanBilgitaş Document Solutions Turkey


137 Laboratoires Anios S.A. France Deren İlaç Sanayi Pharmaceuticals N/D N/D

138 Lerøy NorwayAlfarm Alarko Leröy Su Ürünleri

Agriculture & Breeding 50% 5

139Limak Holding, IC İçtaş Holding

Turkey Muğla Yapı Malzemeleri Manufacturing 100% N/D

140 Logo Yazılım Turkey Intermat Bilişim A.Ş. Technology 100% 2

141 Logo Yazılım Turkey Sempa Bilgi İşlem Technology 100% 1

142 Logo Yazılım TurkeyVardar Yazılım Danışmanlık Eğitim Ltd.

Technology 100% 0

143 M&C Saatchi plc UK INSPI(RED) Services N/D N/D

144Marmedsa Turkey Denizcilik Liman ve Lojistik Hizmetleri

Spain Komet Turizm ve Denizcilik Logistics & Transportation 80% N/D

145 Maspex-GMW Sp. z o.o. Poland Tedi İçecek Food & Beverage 50% 4

146 Mayhoola for Investments Qatar Boyner Perakende ve Tekstil Retail 31% 331

147MCI Private Ventures, İş Girişim and Private Investor (Barış Aksoy)

Poland, Turkey Mika Tur (Tatil Budur) E Commerce 80% 16

148 Mediterra Capital Turkey Söke Değirmencilik Food & Beverage 100% N/D

149 Mediterra Capital Turkey Tavuk Dünyası Food & Beverage 51% N/D

150Meeting Point International GmbH

Germany Yaren Turizm Logistics & Transportation N/D N/D

151 Melike Enerji Üretim A.Ş. TurkeyBirkapılı Enerji Üretim A.Ş., Gazipaşa Enerji Üretim A.Ş.

Energy 100% N/D

152 Menekşe Petrol Ürünleri A.Ş. Turkey Prestij Turizm Oto Kiralama Services 98% 1

153 Mid Europa UKCustomer Management Center

Services 100% N/D

23


(US$ million)

154 Mitsubishi Corp Japan Çalık Enerji Energy 4% N/D

155 Mitsui & Co. Japan Sarten Ambalaj Manufacturing 15% N/D

156Netmarble Games Corporation

South KoreaJoygame Interactive Services; SHR Interaktif Servisler

Internet & Mobile Services 50% N/D

157 Nissan Motor Co. Ltd. Japan Nissan Otomotiv A.Ş. Wholesale & Distribution 99% N/D

158 Odas Elektrik Turkey Suda Maden Mining 100% 1

159 Opera Mediaworks Inc. USAMobilike Mobil Reklam Pazarlama

Internet & Mobile Services 100% N/D

160 Park Place Energy Corp. USATiway Petrol Arama ve Üretim

Energy 100% 2

161 Pasha Bank OJSC Azerbaijan Pasha Bank Yatırım Bankası Financial Services 20% N/D

162 Pegasus Turkey Hitit Bilgisayar Hizmetleri Technology 40% 5

163 Penta Teknoloji Turkey Sayısal Grafik A.Ş. Technology 100% N/D

164 Penta Tekstil TurkeyGedik Girişim Sermayesi Yatırım Ortaklığı A.Ş.


165 Pera Capital Turkey Beken Otomotiv (Autoking) Financial Services 50% N/D

166 Private Investor (Aydın Ildız) Turkey Etiler Gıda ve Ticari Yatırımlar Restaurants & Hospitality 15% 1

167Private Investor (Burak Erkut Ertürk)

Turkey Bisaş Tekstil Manufacturing 63% 3

168Private Investor (Cengiz Kaya)

TurkeyAkdeniz Resources Madencilik

Mining 80% 9

169Private investor (Ferit Şahenk)

Turkey TV8 Media 30% 110

170Private Investor (Mehmet Taşkın)

Turkey Bakanlar Medya A.Ş. Media 68% 2

171Private Investor (Mustafa Selçuk Saraç)

TurkeyRadore Veri Merkezi Hizmetleri A.Ş.

Technology 16% N/D

172Private Investor (Mustafa Selçuk Saraç)

Turkey Mobilus Technology N/D N/D

173Private Investor (Oğuz Murat Otay)

Turkey Aksel Yatırım Holding A.Ş. Energy 11% 1

174Private Investor (Remzi Kızıltaş)

TurkeyValide Etfal Özel Sağlık Hizmetleri

Healthcare 100% 5

175 Private Investor (Rıfat Erbay) TurkeyKa Petrol Otelcilik Turizm Tekstil

Tourism 55% 0

176 Private Investor (Sabri Yiğit) Turkey Provel Tüketim Ürünleri Manufacturing 25% N/D

177Private Investor (Şevket Başev)

Turkey Multinet Kurumsal Hizmetler Services 50% N/D

178 Private Investor (Sina Afra) Turkey Sadeceon E Commerce N/D N/D

179Private Investor (Süleyman Duran)

Turkey Duranlar Süt Sanayi Food & Beverage 26% 1

180Private Investor (Ülker Kemendi)

TurkeyEtmatik Restaurant ve Gıda Hizmetleri A.Ş.

Restaurants & Hospitality 100% 0

181Private Investor (Ülker Kemendi)

Turkey Smart Marketçilik Dağıtım Wholesale & Distribution 100% 0

182Private Investor (Umut Güner)

Turkey DNG Dış Ticaret A.Ş. Services 100% 0

183Private Investors (Haluk Sur, Emre Çamlıbel, Mehmet Ali Ergin, Caner Bingöl)

Turkey EYG Gayrimenkul Real Estate 100% N/D

184Private Investors (Kazim Gürol Yılmaz, Mithat Yilmaz)

Turkey Çarşamba Enerji Üretim A.Ş. Energy 37% 11

24


(US$ million)

185Private Investors (Nazlı Babaloğlu, Tayfun Çelik)

Turkey Tan Kömür Dış Ticaret Wholesale & Distribution 70% 1

186

Private Investors (Nevzat Aydın, Melih Ödemiş, Birol Yücel and Bedii Can Yücaoğlu)

Turkey BuldumBuldum.com E Commerce N/D N/D

187Private Investors (Ömer Gümüş, Abdülkerim Gümüş)

Turkey Yeniyurt Petrol Terminal A.Ş. Energy 100% 9

188Private Investors (Veysel Tunç, Ahmet Yıldız, Müfit Vefa Kantarcı)

Turkey Kafkas Pasta Şekerleme Food & Beverage 99% 43

189Private Investors (Yağız Erel, Yunus Sadi Şekerci)

Turkey MEGA Polietilen Köpük Chemicals 48% 2

190 Publicis Groupe SA France Voden Digital Agency Media 100% N/D

191 Qatar National Bank Qatar Finansbank Financial Services 100% 2.982

192 Redington Gulf FZE UAE Linkplus Bilgisayar Sistemleri Technology 70% 6

193 Revo Capital Turkey Neozeka Technology N/D N/D

194 Revo Capital Turkey Onedio Internet & Mobile Services N/D 1

195RGM Facility Management Gmbh

Germany RGM Turkey A.Ş. Services 50% N/D

196 Roca S.A. Spain Öznur Pres Manufacturing N/D N/D

197Rönesans Gayrimenkul Yatırım

TurkeyNakkaştepe Gayrimenkul Yatırımları

Real Estate 50% 36

198RTA Laboratuvarları Biyolojik Ürünler İlaç

Turkey Serenay Ambalaj Manufacturing 50% 2

199 Saide Tekstil Turkey NLT Tekstil Manufacturing 50% N/D

200 Sanko Holding Turkey Lafarge Ereğli Çimento Manufacturing 100% N/D

201Saudi Economic & Development Co Ltd. (*)

Saudi Arabia Mektebim Okulları Education 30% N/D

202 SBK Holding Turkey Bukombin.com E Commerce 100% N/D

203 Servizi Italia S.p.A. ItalyAnkateks Turizm İnşaat Tekstil Temizleme

Services 40% 6

204 Sicpa Switzerland Sicpa Assan Ürün Güvenliği Services 50% N/D

205Soler&Palau Ventilation Group

USA AFS İstanbul Fleksibıl A.Ş Manufacturing 51% N/D

206 St. Jude Medical Inc USAOpakim Tıbbi Ürünler (cardiovascular devices unit)

Healthcare 100% N/D

207 Straton Maden Yatırımları Turkey Yeniköy Yatağan Mine Site Mining 100% 5

208 Stryker Corporation USA Muka Metal Manufacturing 100% N/D

209 Sumitomo Corporation JapanMKS Transformatör Ekipmanları

Manufacturing 19% 2

210 Syntaxis Capital UF Poland Uğurlu Oto Cam Manufacturing N/D 17

211 Takeda JapanNeutec Kalite Yönetimi (Portfolio of 13 products)

Pharmaceuticals 100% 120

212 Teksal Tekstil Turkey İdaş Retail N/D 13

213Templeton Asset Management, ADM Capital

USA, Hong Kong

Defacto Retail 8% N/D

214 Tenaga Nasional Berhad Malaysia GAMA Enerji Energy 30% 243

215 Tiger Global Management USA Evidea.com E Commerce N/D 3

216 Tiryaki Agro TurkeyYeşil Küre Organik Ürünler Tarım Hayvancılık

Food & Beverage 100% N/D

25


(US$ million)

217Torunlar Gayrimenkul Yatırım Ortaklığı A.Ş.

TurkeyHastalya Motorlu Vasıtalar Tic. ve San. A.Ş.

Real Estate 100% 10

218 Toyo Ink SC Holdings Co Ltd Japan Dyo Matbaa Mürekkepleri Manufacturing 75% N/D

219 Trafimet S.p.A. Italy Trafimet Kaynak Sistemleri Manufacturing 80% N/D

220 Trans-Atlantic Group DMCC UAE Oruçoğlu Yağ Food & Beverage 100% N/D

221

TRPE Capital, Private Investors (Ali Sabancı, Turgut Gürsoy, Emre Berkin and Kemal Cılız)

Turkey Blesh Technology N/D 3

222Türk Silahlı Kuvvetlerini Güçlendirme Vakfı

Turkey Roketsan Roket Manufacturing 10% N/D

223 Türk Telekomünikasyon A.Ş. Turkey Avea İletişim Hizmetleri A.Ş. Telecommunication 10% 323

224 UBS AG Switzerland Atlantik Petrol Ürünleri Energy 7% 1

225 UBS AG Switzerland Güler Yatırım Holding A.Ş. Financial Services 6% 0

226 UL International GmbH GermanyDEWI Danışmanlık Mühendislik

Services N/D N/D

227 Ünlü Finansal Yatırımlar A.Ş. Turkey Ünlü Menkul Değerler A.Ş. Financial Services 25% N/D

228Ünlü Private Equity and Turkven

Turkey Natura Gıda (Ülker Golf) Food & Beverage 30% N/D

229 VBG Holding A.Ş. Turkey Ansa Enerji Yatırım A.Ş. Energy 100% 4

230 Vepa Dış Ticaret Turkey Shiseido KozmetikPersonal Care & Cosmetics

51% N/D

231 Verusa Turkey Gersan Elektrik A.Ş. Manufacturing 20% 9

232 Verusa Turkey Kafein Yazılım A.Ş. Technology 39% 2

233 Verusa Turkey Standard Enerji Üretim A.Ş. Energy 50% 0

234 Verusa (through Ata Elektrik) TurkeyAciselsan Acipayam Seluloz Sanayi

Chemicals 11% 2

235Verusa (through Pamukova Elektrik)

Turkey Enda Enerji Holding Energy 21% 17

236Verusa (through Pamukova Elektrik)

Turkey İklimya Elektrik Üretim A.Ş. Energy 94% 5

237Volkswagen Doğuş Finansman A.Ş.

TurkeyMAN Financial Services Tüketici Finansmanı


238 Webhelp SAS France Callpex Customer Center Services 79% N/D

239 Wirthwein Germany Farel Plastik Manufacturing 70% N/D

240 Yeşil Yatırım Holding Turkey Zincir Gayrimenkul Geliştirme Construction 50% 0

241 Yıldız Holding Turkey g2m Wholesale & Distribution 64% N/D

242 Yıldız Holding Turkey Yıldız Granini Meyve Suyu Food & Beverage 50% N/D

243 YM Gayrimenkul Turkey Mesa Holding Construction 86% N/D

244 Yokogawa Europe B.V. NetherlandsBirleşik Endüstriyel Sistemler ve Tesisler A.Ş.

Wholesale & Distribution 100% N/D

245 Zomato India Mekanist.net Internet & Mobile Services N/D N/D

DRT Kurumsal Finans Danışmanlık Hizmetleri A.Ş.

For more information:

Başak VardarFinancial Advisory [email protected]+ 90 (212) 366 63 71

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Annual Turkish M&A Review 2015

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