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TurkishMid-MarketM&AReview
2016
2016witnessedmonumentallocalandinternationalchanges.Andallthisunforeseendevelopmentsandtheirconsequencesdominatedthesocialandeconomicagendaforthewholeyear.
AchaoticyearwithBrexit,USApresidentialelections,warinSyria,liftingofAmericansanctionstoIran,immigrantcrisis,regretfulterroristattacksinEuropeandinTurkey,coupattempt,followingstateofemergencydeclarationand20%devaluationofTL,waspassedby.
DealmakingintheSMEmarkethasseenanotabledeclinethisyearaftertheM&Aboomin2015duetoon-goinguncertaintyandinsecuritycrises.Totalmid-marketM&Adealnumberin2016was173,downto2014figures.While,thedealvolumemanagedtoremainflat,withamoderatedeclineof9%,totaldealvalueshrunkby32%.ThemainabsencewasfeltinEuropeaninvestors.Angelinvestorsandventurecapitals(VC)numerousdealsavoidthepossiblesharpdecline.Hence,M&AmarketofSMEsperformedarelativelybitbetterasthetotalmarketdealvalueshrunkby%53.TheglobalM&Amarkethasalsoseenadeclinein2016.Eventhemegadealsinnon-tech,couldnotlifttheglobaldealvalueandvolume.
Theverybestnewsoftheyearisthepositivedeviationofentrepreneurecosystem.ThemaindriversofthispositiveforcearetheacceleratingactivitiesofangelinvestorsandVCsandnewestablishments/enlargementsincorporateVCsofseveraltopholdingcompanies.Onthefinancialmotivationside,PrivateEquities(PE)alsoaccreditedtheirlongtermperceptionandtrustonthemarketwithseveralinvestmentandexitdeals.
Onthestrategicinvestorside,despitealluncertainties,M&Astillprovidingtobethebeststrategytoleadgrowth.WeforeseethatcompanieswilladoptmoreM&Astoachievegrowthincomingloweconomicexpansionperiods.
HavingdeepexperienceandlonglastingrelationsasanadvisoryfirmintheSMEsegmentwekeptourfullconfidenceontheirentrepreneurandchallengingnatureaswellasfastadaptationandlearningabilities.However,astheresolutionofpoliticalandeconomicuncertaintiesandsecurityproblemswilltaketime,weforeseenastagnantmid-marketM&Aintheshortrun.
Thisannualreportaimstopresentbrighterperspectiveonmid-marketM&Atransactionsviaexcludingprivatizations,asset/licensesales,intercompanytransactionsandlargecapdeals,togetherwithanalysesandcomparisons.WearedelightedtopresentthefifthTurkishmid-marketM&Areportbecomingareferencesourcetoallstakeholders.
ÖzgeGermeyanoğluManagingPartnerSBBCAPITALPARTNERSwww.sbbcapitalturkey.com
‘Organicgrowthisveryhardtocomebyinsuchastagnatingeconomy.M&Aisprovingtobethebeststrategytoleadgrowth.’
www.sbbcapitalturkey.com 3
Adversesociapoliticeventsinlocalandinternationalmarkets,economicrecessioninQ3andvolatileTLdiminishedthedealappetiteofallinvestors.
Despitethechaoticatmospherein2016,mid-marketM&Adealsmaintaineditsvolumeintermsofdealnumberwith173deals,only9%belowpreviousyear.Abundanceofventurecapitalandangelinvestordealsavoidedanysevereshrinkage.However,astheseweresmallscaleddeals,thetotaldealvaluefallby32%(totalmid-marketM&Avalueisestimatedtobe603millionUSD,includingtheestimatevalueofdealswithundisclosedfigures).
ThereportanalysestransactionsofSMEswhosedeclaredorestimatedequityvalueislessthan50millionUSD.Theaveragedealsizedecreaseddownto5.1millionUSD,correspondingto19%shrinkage.Besides,rapidlyrisingventurecapitalandangelinvestoracquisitionsincreasedthenumberoftransactionsinexpenseoffallintheaveragedeal
size.Abundantentrystageinvestmentsdisturbedalmostallmarketdynamics.
ITandinternetwerebyfartheleadingsectorintermsofdealnumberbackedbyVCsandangelinvestors.Withtheabsenceofforeigninvestors,thedealsintheirprimarytargetsector,manufacturingreducedby50%(14dealsin2016,30dealsin2015).
2016 2015 2014 2013 2012
Deal # 173 190 152 97 98
Average deal size – million USD 5.1 6.3 12 8 11.6
Foreign investor share # / volume 40% / 62% 52% / 72% 53% / 57% 40% / 54% 46% / 53%
Financial investors share # 49% 36% 16% 30% 30%
Over 50% share purchase ratio 54% 66% 81% 72% 76%
Inthechaotic2016,mid-marketM&Adealnumbermanagedtoremainflat,whiletotaldealvalueshrunkby32%.
www.sbbcapitalturkey.com 4
FinancialinvestorsmaintainedtheirinterestonSMEacquisitions.Successfulexitsalsoenhancedtheinvestmentappetiteinthesegment.However,reducedconfidenceofforeigninvestorsanddecreasingdealsizesseedsrisksonthefutureexits.PEshadadiversifiedsectorpreferenceinmanufacturing,foodandenergy,whereasVCsweremorefocusedonITandinternet.KeenPEandVCactivityandachieveddiscussionsdirectlywiththecompaniesupgradedtheempathyandincreasetheawarenessofthemarketdynamicsforbothsides.
Strategicinvestorsdealingwithhigherbudgetsstilldominateddeal-makingmarketby72%.Whereas,theirmid-marketM&ApenetrationondealnumberswasloosenedagainstexpansionofVCsandangelinvestors.Theshareofstrategicinvestmentsreduceddowntoall-timelowestlevelof51%(Itwas64%in2015)ofthetotaldealnumber.Ontheotherhand,popularVCandangelinvestordealsof45millionUSDrepresentedonly7%ofthetotaldealvalueyet.
Thetransferredstakeratioofmid-marketdealshasalsonotablychanged.54%oftheacquirers(66%in2015)hadthefullormajoritystakeinthetransactions.Theratiowasupto75%amongstrategicinvestorsand72%amongforeigninvestors.ForeigncompaniestargetingminimumriskandfasterdeploymentstillpreferanacquisitionorpartnershipwithmajorityshareforTurkishmarketentry.44of111deals,whosetransferredshareratiowasdeclared,were100%acquisitions.
Unit!
Stratejic
VentureCapital
AngelInvestor
PrivateEquity
Volume!
Stratejic
VentureCapital
AngelInvestor
PrivateEquity
‘PopularVCandangelinvestordealsof45millionUSDrepresentedonly7%ofthetotaldealvalueyet.’
www.sbbcapitalturkey.com 5
SectorDetails
InternetandIT,whichtransformedthesocialandbusinesslife,werealsothepremierM&Atargets.Theinvestorsofthesesectorswereintensivelyfinancialandlocalwith82%and72%sharerespectively.Listingofstart-upshavingsecondandthirdstageinvestmentroundsduringtheyears,increasedthemarketactivation.
Manufacturingisthethirdrunnerwith15deals(halfof2015volumeduetoabsenceofforeigninvestors).Financialservicesweretheforth,whereinevitableconsolidationtakesplacesduetotoughcompetitionandcapitalrequirement.
Havinganorganicallysharedfieldofstudy,IT,Internetande-commercetargetsweredominantwith44%ofthetotaldealnumber.Theactivityatfood&beverage,services,e-commerceandenergyremainedatmodestlevels.
ThereisahealthygrowthinfinancialandprivateinvestorsappetiteforagriculturalinvestmentsanditappearstobeastrongcandidateforhighM&Aactivityforthecomingyears.
Distribution,retail,chemicalsandadvertisingarethestablesectorsinwhichinvestorsregularlyseekforinorganicgrowthalternativesinTurkishmarket.Therewerespecificsectorsinwhichpredominantlystrategicinvestorsarekeentoexploitopportunities.Over80%ofhealthcare,chemicals,financialservices,advertising,media,foodanddistributioninvestorswerestrategic.Thesameratioappliesforfinancialinvestorsininternetande-commercetransactions.
‘Over1/3ofthetransactionswereinITandinternetsectors.’
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Internet IT
Manufacture
Finance
Health
Technology
Energy
Service
Food
Chemicals
DistribuDon
AdverDsing
Retail
Agriculture
E-commerce
Other
2016
2015
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InvestorProfile
In2016,foreigninvestorswereextremelycautiousinmakingnewinvestments.Asunfavourableoccasionshappenedinthecountryandinvestmentnotesweredowngraded,on-goingnegotiationsweretendedtobesuspendedorwithdrawn.Uncertaintiesintheglobalmarketsalsoboostedthehesitationmanner.RemarkableabsencewasontheinvestorsfromEuropeanregion,withwhomthetradevolumeishighest.
Intermsofsectorfocus,amongforeignandlocalinvestors,theformerstoodoutininternetandmanufacturingwhereasthelatterdominatedIT,financialservicesandinternetsectors.Europeaninvestorswerestillthemostactiveforeignacquirerswith29dealsdespitenotablesharedecreaseindealnumbers(17%in2016,29%in2015).FrenchinvestorsweretheleadinginvestorgroupamongEuropeanacquirerswith8dealsfollowedbyGermanyandUKwith6and5transactionsrespectively.
USAistheleadingcountryamongforeignacquirersin2016with12deals.ThebiggestM&AmarketUSAorigininvestorscontinuedtheirinterestintheTurkishSMEmarket.Besides,despiteitsgeographicaldistancetothecountry,Japanprovedtobeastableinvestor.Japaneseinvestorsmainlyprefertoacquiretheirformerbusinesspartners(distributors,suppliersetc).
MiddleEastwasstillfarbelowthanEuropeancountriesinmid-marketinvestments.Similarly,RussiadespitecloseeconomicrelationsandChinathebiggestsecond
economyintheworldhavingmassiveabroaddirectinvestmentsweretakingminimumplaceintheTurkishmidmarketM&Alistings.
Israel,GreeceandSouthAfricawerethenewcomersofforeignmid-marketacquirerslistin2016.
Foreigninvestorsappetitedecreasedbothinstrategicandfinancialprofiles.Therewere15financialinvestorsoutof59uniqueforeignacquirers(theuniqueforeignacquirersin2015were89).Strategiclocalacquirersalsodiminishedin2016,whereastotallocalacquirersexpandedfrom76to82,backedbyhighlyactivefinancialinvestorsofVCsandangelinvestors.
‘Recessionwasmainlyontheforeigninvestorappetite.’
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2016
2015
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Turkey
EU
USA
MiddleEast
FarEast
Other
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2017Prospects
InvestmentpotentialofTurkeyishinderedbyproblemsinsecurity,socialconsensusandlegalsystemperception.Theeconomicgrowthbackedbyeasyfinanceandfastconsumptionwasover.Theonesthatcandifferentiateitsservice/product,utilizingR&Dperception,hedginganyforeignexchangerisk,professionallypreparedtopotentialtransactions,tosumup,havingitsownallurestorycanbeonthescopeoftheinvestors.
EUandUSAinvestorsarethesignificantplayersinmid-markettransactions.Parliamentaryelectionsinthesecountries,expectedinterestrateincreasebyFED,withholdingofEUentrancediscussions,regionalpoliticalcrisesandsecurityproblemswillcreatestressonforeigninvestmentfield.
Privateequity,venturecapitalandangelinvestorswillbekeytokeepingmomentuminthemidmarketM&Atransactionsin2017viatheirexitstories,newinvestments(despitenotbeingthemajorplayerbasedontransactionvalue)andecosystemsupports.Whereasinthelongrun,pensionfundswillbeonthesceneasanewinvestorprofile.
FollowingthenotabledevaluationofTL,thepropositionof“thepricingofTurkishcompaniesbecameattractive”willnotbeaprecisecommentwhenthereisnoforecastofvaluationofTLback.Acquirersofforeignexchangemeasurethereturnontheirinvestmentonagainforeignexchange.
Onanothernote,thelatesttaxamnestyclearingmajorrisksoftheapplicantcompany,willeasethetaxduediligenceprocessanddiminishanypotentialriskcalculationforanytransaction.
AstheSMEownersputmoreemphasison“exit”and“partnership”strategiesandtransformationofstart-upstomidsizedcompanieswiththehelpofgainedgrowthcapitaltakeplace,therewillbeahealthygrowthinon-the-markettargetcompanies.Itisexcitingtohavesuchapotentialcomingaheadinmidterm.
Lookingaheadto2017,weforeseeastablemid-marketM&Aactivitytobelargelyinfluencedbypoliticalagenda.IT,internet,financialservices,manufacturingandoutsourcingservicesaremajorcandidatestobethemostM&Aactivesectors.
‘Hereafter,itisnotthecountrypotential,butthedifferentiatingstoryofthetargetitselfwillacquired.’
www.sbbcapitalturkey.com 8
Formoreinformation:SBBCapitalPartnersFloraResidansD:1806Ataşehir-İ[email protected]:+902163625276F:+902163726634
WaiverNotice ThisReporthasbeenpreparedforinformationpurposesrelatingtoM&AactivitiesinSMEsector.ThisReportdoesnotpurposetobeall-inclusivenortocontainalltheinformationthataprospectiveinvestormayrequireindecidingwhetherornottoinvestinSMEsector.EachofSBBCapitalTurkeyanditsrespectivesubsidiariesandassociatedcompaniesanditsrespectiveofficers,employeesandagentsexpresslydisclaimsanyandallliabilitywhichmaybebasedonthisReportorsuchinformation,andanyerrorsthereinoromissionstherefrom.
Transactionsdatapresentedinthisreportarebasedoninformationthatisreadilyavailableinthepublicdomain.SBBCapitalhasnotconductedanyresearchontheaccuracyofthegiveninformation.Therefore,SBBCapitalTurkeydoesnotacceptanyresponsibilityastotheaccuracyorcompletenessofthedata.Thisreportdoesnotcovercapitalmarkettransactions,IPOs,license/assetsales,realestatesales,intra-groupsharetransfersandtransactionsofPEinstitutionswithintheframeworkofdebtrestructuring.
RecipientsofthisreportarenottoconstruethecontentsofthisReportaslegal,business,taxorotheradvice.AnyrecipientorprospectiveinvestorshouldnotrelyuponthisReportinmakinganydecision,investmentorotherwiseandisrecommendedtoperformtheirowninvestigationandseektheirownindependentadvice.
www.sbbcapitalturkey.com 9
DealList*
# Target Sector Acquirer Origin Profile Stake
1 3Öğün Food Mresco Kuwait Strategic -
2 ACLTeslim InternetRevoCapital,İstanbulStartupAngels Turkey Financial -
3 AcronIT IT EOHHoldings SouthAfrica Strategic -
4 Adoçim Manufacture TitanCement Greece Strategic 50%
5 AESMining Mining ÇiftayConstruction Turkey Strategic 100%
6 AmbeentWireless Telco ACTVenturePartners Turkey Financial -
7 AnaFood Food Bunge USA Strategic 100%
8 AndaDağıtımDistribution/Wholesales TevaPharmaceutical Israel Strategic 100%
9 Anneysen.com Internet Dügün.com Turkey Strategic 100%
10 Apsiyon Service Earlybird Germany Financial -
11 ArdicArgeBilgi IT ACTVenturePartners Turkey Financial -
12 ArkelElektrikElectronics Electronics MediterraCapital Turkey Financial 70%
13 Armut.com InternetAddVenture,HummingbirdVentures Russia,Belgium Financial -
14 ArtımITDistribution/Wholesales IndeksBilgisayar Turkey Strategic 49%
15 AsisElectronics ManufactureEsYönetimDanışmanlığı,PrivateInvestor Turkey Strategic 50%
16 AssetMedikal Health PeraCapital Turkey Financial 45%
17 AsyaEmeklilik Finance AgricultureKrediKooperatifleri Turkey Strategic 98%
18 AtaElektrik Energy VerusaHolding Turkey Financial 26%
19 AtlasVarlıkYönetimi Finance TürkassetVarlıkYönetimi Turkey Strategic 100%
20 BCSTechnology Electronics Hitachi Japan Strategic 51%
21 BigChefs Retail TaximCapital Turkey Financial 40%
22 BiSu Internet Sankonline,500İstanbul Turkey Financial 17%
23 Bome Health Tricitron India Strategic 60%
24 BostanTarım Agriculture Vanet Turkey Strategic 48%
25 Botego IT PrivateInvestor Turkey Financial 15%
26BoyracıYapıConstruction Construction EvershineGroup HongKong Strategic 30%
27 BursaPazarıDistribution/Wholesales Bunzl UnitedKingdom Strategic 80%
28 Carbon IT 500Startups USA Financial -
29ChinashippingAcenteliği Logistics CoscoEurpoe China Strategic 80%
30 ClearChannelTurkey Advertising PrivateInvestor Turkey Strategic 100%
31 ÇözümeviDanışmanlık IT EOHHoldings SouthAfrica Strategic -
32 ÇukorovaKimya ChemicalsKMYKimyaGirişimDanışmanlığı Turkey Strategic 100%
33 Damargüçplastik Manufacture PrivateInvestor Turkey Strategic 100%
34 DemirHayatSigorta Finance EMFCapital UnitedKingdom Financial 100%
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# Target Sector Acquirer Origin Profile Stake
35 DestekVarlıkYönetimi FinanceLiderfaktöring,Merkezfaktöring,PrivateInvestor Turkey Strategic 100%
36DiaverumDiyalizServisleri Health D.medMedicalServices USA Strategic 100%
37 Digiform IT RevoCapital Turkey Financial -
38 Digitouch Advertising PublicisGroupe France Strategic 100%
39 DinçOyunUygulama Internet GedikGirişim Turkey Financial 12%
40 Dolap Internet Earlybird Germany Financial -
41 DryTaxi Internet PrivateInvestor Turkey Financial 44%
42 EBXMining Mining BaharMining Turkey Strategic 100%
43 EffectHalklaİlişkiler Advertising WPP USA Strategic Majority
44Egeli&CoYatırımHolding Finance PrivateInvestor Turkey Financial 10%
45 EkoFaktoring Finance PrivateInvestor Turkey Strategic 10%
46 ElkonElektrik Manufacture VeraCapital Turkey Financial -
47 EndaEnergy Energy VerusaHolding Turkey Financial 33%
48 EnglishNinjas Internet PrivateInvestor Turkey Financial -
49 ENVYEnergy Energy AssystemSA France Strategic 51%
50 EpisomeBiotech IT DiffusionCapital Turkey Financial -
51 Erensan Manufacture AtlanticGroup France Strategic -
52 ErgoEmeklilik Finance FibaEmeklilik Turkey Strategic 100%
53 ErgoPortföyYönetimi Finance Qınvest Katar Strategic 100%
54 ErişimFaktoring Finance MerkezFaktoring Turkey Strategic 100%
55 EVDEnergyYönetimi Service AtalianGroup France Strategic -
56 Evtiko Internet
btovpartners,TAventures,RocketInternet,GlobalFounders,PrivateInvestor Miscellaneous Financial -
57 Farmamak Manufacture KlöcknerPentaplast Germany Strategic 100%
58FazElektrikMotorMakina Manufacture DCMManufacturing USA Strategic 100%
59 FererDistribution/Wholesales Ferro USA Strategic 100%
60 FezaKimya Chemicals IMCD Netherlands Strategic 100%
61FlapKongreToplantıServiceleri Service PrivateInvestor Turkey Financial 8%
62 FlightRecorder Internet ClickTale Israel Strategic 100%
63 Footbalium Internet StartersHub Turkey Financial -
64 Garajyeri Internet Hummingbird,PrivateInvestor Miscellaneous Financial -
65 GeenBiyoTechnology Technology StringVentures Turkey Financial -
66 GNCTurkey Retail InfinityHolding Turkey Financial 100%
67 Habita Service PrivateInvestor Turkey Financial -
68 HakBoğaziçi Logistics NBSShip Bulgaria Strategic 100%
69 HakanPlastik Manufacture GeorgFischer Switzerland Strategic 10%
70 HasatBNO Food AvodFood Turkey Strategic 45%
www.sbbcapitalturkey.com 11
# Target Sector Acquirer Origin Profile Stake
71 Hiref Retail Demsa Turkey Strategic 51%
72 HititBilgisayar IT Pegasus Turkey Strategic 10%
73 HMFAsansör Manufacture HyundaiElevator SouthKorea Strategic 51%
74 HobimBilgiİşlem IT ÇukurovaHolding Turkey Strategic 24%
75 HomeSweetHome Retail KervanMobilya Turkey Strategic 100%
76 Iamnotbasic e-commerce PrivateInvestor Turkey Financial 10%
77 Idetek Service AtalianGroup France Strategic 100%
78 Ininal Internet Multinet Turkey Strategic 50,1%
79 Insider Internet212,WamdaCapital,ÖncüGSYO,PrivateInvestor Miscellaneous Financial -
80 Interplast Chemicals Safic-Alcan France Strategic 49%
81 Inventram Technology Mitsui&Co Japan Strategic 30%
82 IVEN IT NetaşWesleyTechnologyFonu Turkey Financial -
83 İklimyaElektrik Energy VerusaHolding Turkey Financial 69%
84 İpara InternetEdgepayHoldings,RhythmVentures,PrivateInvestor Miscellaneous Financial 49,9%
85 İyiSahne Internet GBA,Egiad,PrivateInvestor Turkey Financial -
86 İyziPayments TechnologyIFC,VostokEmergingFinance,212ltd
USA,Sweden,Turkey Financial 30%
87 İzopoliYapıElemanları Manufacture KingspanGroup Ireland Strategic -
88 KapGel InternetWamdaCapital,AddVenture,PrivateInvestor Miscellaneous Financial -
89 Katıhal IT PrivateInvestor Turkey Financial -
90 KolayRandevu Internet Miscellaneous Miscellaneous Financial -
91 KolayIK InternetGBA,YTVenturePartners,EgiadMelekleri,PrivateInvestor Turkey Financial -
92 KullanAtMarket Internet Bunzl UnitedKingdom Strategic 80%
93 KurtveKurtA.Ş Electronics Hitachi Japan Strategic 75%
94 Lala Internet BICAngels Turkey Financial -
95 LinkPlus IT Redington India Financial 10%
96 LokmanHekimA.Ş Health ÖzelAkayHastanesi Turkey Strategic 100%
97 Mas-Deha Electronics Canon Japan Strategic 100%
98 MavilabYazılım Technology DiffusionCapital Turkey Financial -
99 MeeApps IT GedikGirişim Turkey Financial 20%
100 MerkezFaktoring Finance TellzaCommunications USA Strategic 10%
101 Mobilotoservis Internet PrivateInvestor Turkey Financial -
102 Modanisa InternetWambaCapital,PrivateInvestor Miscellaneous Financial 11%
103 MolekülerGörüntüleme Health VarinakOnkolojiSistemler Turkey Strategic 100%
104 MonopoliSigorta Finance EMFCapital UnitedKingdom Financial -
105 Mutlubiev Internet PrivateInvestor Turkey Financial -
106 N'oluyo Internet PrivateInvestor Turkey Financial -
107 NatekIT IT MAYInvestment Turkey Financial -
www.sbbcapitalturkey.com 12
# Target Sector Acquirer Origin Profile Stake
108 NavigaTekstil Manufacture AtlantisYatırımHolding Turkey Financial 50%
109 Nerdeicek Internet PrivateInvestor Turkey Financial 20%
110 NetCadYazılımA.Ş IT TaximCapital Turkey Financial 55%
111NizipÖzelMedinasHastanesi Health Adnangrup Turkey Strategic 100%
112 NSKArmatür Manufacture RocaSanitario Spain Strategic 100%
113 OasisMedikal Health WellspectHealthCare Sweden Strategic 100%
114 OfenEnergy Energy BakanlarMedia Turkey Strategic 100%
115 OkenosFood Food MMCSanayi Turkey Strategic 50%
116 Olev Internet 500İstanbul Turkey Financial -
117 OTSDijitalBaskıDistribution/Wholesalessatış Spandex Switzerland Strategic 40%
118 ÖzelAkayHastanesi Health LokmanHekimEngurusah Turkey Strategic 100%
119 P1M1 IT EsorInvestments Germany Financial -
120 PanaromaITDistribution/Wholesalessatış Verifone USA Strategic 100%
121 Papara Internet IlkerDiker Turkey Financial -
122 Paraşüt ITRevoCapital,DiffusionCapital,500Startups Turkey Financial -
123 Paypad Internet PrivateInvestor Turkey Financial -
124 PekerYüzeyTasarımları Manufacture DarbyOverseasInvestments USA Financial -
125 Peoplise IT RevoCapital Turkey Financial -
126 PlanetTV Media SonyPicturesTelevision USA Strategic 51%
127 PolenFood Food MartinBraunGruppe Germany Strategic 55%
128 PoliteknikMetalSanayi Chemicals Coventya France Strategic 80%
129 Polizom Technology StringVentures Turkey Financial -
130 PositiveEnergy IT ŞirketOrtağım Turkey Financial -
131 PrestijBrokerlık Finance SedesBrokerlık Turkey Strategic 100%
132 PublicisYorum Advertising PublicisGroupe France Strategic 49%
133 PulsaHolding Finance EuroYatırımHolding Turkey Strategic 100%
134 RanTarımsal Agriculture EuroFood Turkey Strategic Majority
135 ReicholdTurkey Chemicals VolantisKimya Turkey Strategic -
136 RekmobITTeknolojileri IT RSInternet Turkey Strategic 100%
137 RemÖrme Manufacture MenbaHolding Turkey Strategic 20%
138 REPGEnergySistemleri Energy TRAngels Turkey Financial -
139 Reztoran Internet PrivateInvestor Turkey Financial -
140 RitoTohumculuk Agriculture TakiiSeed Japan Strategic 100%
141 RockFM Media GitassiMedia Turkey Strategic 100%
142 RotopasAmbalaj Manufacture GözdeGişirim Turkey Financial 48%
143 SBSBilimselBio Chemicals DiffusionCapital Turkey Financial -
144 Scorp Internet PrivateInvestor Germany Strategic -
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# Target Sector Acquirer Origin Profile Stake
145 Segmentify InternetACTVenturePartners,StartersHub Turkey Financial -
146 Semanticum Advertising RelatedGroup Turkey Strategic -
147 SiirtAkkökEnergy Energy DCElektriküretim Turkey Strategic 100%
148 Silenceofthebees e-commerce PrivateInvestor Turkey Financial 10%
149 Sinemia InternetIstanbulStartupangels,PrivateInvestor Turkey Financial -
150 SmartModeration IT StartersHub Turkey Financial -
151 SmartiksBilgiTeknolojisi IT Verusaturk Turkey Financial 40%
152 Snapbuy Technology ŞirketOrtağım Turkey Financial -
153 SOR'UN Internet PrivateInvestor Turkey Financial 20%
154 Stajim.net Internet ŞirketOrtağım Turkey Financial -
155 ŞişecamÇevreSistemleri Manufacture EBRD UnitedKingdom Financial 10%
156 TabaoğuSuürünleri Agriculture SagunGrup Turkey Strategic 100%
157 TacirlerYatırımHolding Finance SmartInvest Turkey Strategic 87%
158 Tapu.com Internet Earlybird,PrivateInvestor Miscellaneous Financial -
159 TeknoTasarımHolding Technology TranstürkHolding Turkey Strategic 30%
160 Temizlikyolda Internet PrivateInvestor Turkey Financial -
161 TGExpo Service Expotim Turkey Strategic 50%
162 ThemisDanışmanlık Service AbraajCapital UAE Financial 100%
163 Tisho.com e-commerce PrivateInvestor Turkey Financial 100%
164 TolonGlobalMakina Manufacture JensenGroup Belgium Strategic 30%
165 TurinsSigorta Finance GulfInsuranceGroup Kuwait Strategic 90%
166 Twentify Internet PrivateInvestor Turkey Financial -
167 V-count Technology RevoCapital Turkey Financial -
168 Visionteractive IT StartersHub Turkey Financial 10%
169 Vispera Internet PrivateInvestor Turkey Financial -
170 VitaminSimit Food MunifAlnahdiGroup UAE Financial 45%
171 VoyajClub Tourism JoinUp Ukraine Strategic 50%
172 WinBilgiİletişim IT Comdata USA Strategic 100%
173 Yedi70 Internet StartersHub Turkey Financial -
*İşlemlerdefirmadeğeri50milyonUSD’danazolanyadaolduğutahminedilenhedeffirmalarınişlemlerilistelenmiştir.
**Firmalaralfabetikolaraklistelenmiştir.