Annual TurkishM&A Review 2011
Corporate FinanceJanuary 2012
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Despite the turbulence in the Eurozone and thepolitical instability in the Arab region, oreigninvestors’ interest in the Turkish market remainedvery strong, rom strategic investors as well asprivate equity, resulting in a dynamic M&A marketagain in 2011.In 2011, a deal volume o c. US$15 billionmaterialized through 241 deals. Vitality in M&Aactivity continued well and the previous year’srecord number o deals was exceeded. On theother hand, the reection o such activity onthe total deal volume has been modest, as themajority o transactions in 2011 occurred in thesmall and mid-size segments, with a scarcity obig-ticket transactions, especially privatizations.While Turkey’s strong growth perormanceand healthy fnancial system act as catalysts ora healthy investment environment, Europe’sdeepening public debt crisis, coupled withTurkey’s current account defcit, ination risk anddiminishing growth orecasts signal a difcultperiod in the near term. Nevertheless, the dynamicmiddle market, secondary sales and investors’continued interest still promise an active M&Amarket in 2012.On behal o our corporate fnance team inDeloitte Turkey, I am delighted to share our annualTurkish M&A review, eaturing our analyses andviews regarding the M&A market here.
Foreword
Başak Vardar
PartnerCorporate Finance
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