This action might not be possible to undo. Are you sure you want to continue?
Corporate Finance January 2012
Despite the turbulence in the Eurozone and the political instability in the Arab region, foreign investors’ interest in the Turkish market remained very strong, from strategic investors as well as private equity, resulting in a dynamic M&A market again in 2011. In 2011, a deal volume of c. US$15 billion materialized through 241 deals. Vitality in M&A activity continued well and the previous year’s record number of deals was exceeded. On the other hand, the reflection of such activity on the total deal volume has been modest, as the majority of transactions in 2011 occurred in the small and mid-size segments, with a scarcity of big-ticket transactions, especially privatizations. While Turkey’s strong growth performance and healthy financial system act as catalysts for a healthy investment environment, Europe’s deepening public debt crisis, coupled with Turkey’s current account deficit, inflation risk and diminishing growth forecasts signal a difficult period in the near term. Nevertheless, the dynamic middle market, secondary sales and investors’ continued interest still promise an active M&A market in 2012. On behalf of our corporate finance team in Deloitte Turkey, I am delighted to share our annual Turkish M&A review, featuring our analyses and views regarding the M&A market here.
Partner Corporate Finance
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.
Middle market dominates Turkish M&A
Turkish market, with its sustained growth, once again served as an attractive destination for investors amidst the uncertain global environment. Total M&A deal numbers in 2011 surpassed the record level of 2010 with 241 deals. Middle market transactions were dominant. In the absence of big ticket privatizations, total deal volume was at a level of US$15(1) billion.
While the global economic recovery that started in 2010 has slowed down in 2011, Turkey has been one of the fastest growing economies in the world, which encouraged the M&A activity. Out of 241 transactions in 2011, 114 had a disclosed deal value, adding up to c. US$11.9 billion. Considering the estimated value of deals with undisclosed values, total M&A volume was around US$15 billion in 2011. While this represents a decline of almost half as compared to 2010, one should consider that most of the energy sector privatizations, which in 2010 made up half of the total deal volume (c. US$14 billion out of c. US$29 billion as presented in our last year review) have been cancelled or could not be finalized. Thus, in 2011, we see a similar volume of activity in the private sector M&A as in 2010. Foreign investors have generated c. 74% of the deal volume (c. US$11.1 billion, including estimates for undisclosed values) through 138 deals, as opposed to 36% in 2010 and have shaped the Turkish M&A activity to a great extent in 2011. The healthcare and e-commerce sectors were of special interest for foreign investors in addition to traditionally preferred sectors such as manufacturing, financial services and food & beverage. The largest ten transactions comprised c. 56% of the total annual volume. Excluding those big ticket transactions, total volume of the remainder was only c. US$6.6 billion, that corresponded to an average deal size of c. US$28 million, indicating that small and mid cap segments saw the most activity. Transactions with a deal value less than US$50 million represented 83% of the total deal number, but only 22% of the total deal volume. Privatizations comprised a considerable part of the annual volume in the previous years, but have been the weak side of the M&A market in 2011. The share of privatizations in the total deal volume was only 7%. Of the various state assets in the privatization list, which had been expected to be among the largest deals of the year, only İDO (İstanbul Deniz Otobüsleri) was tendered. Galataport, the National Lottery, İGDAŞ, the Electricity Generation Assets and the Bridges and Highways have remained in the waiting list together with the pending energy privatizations of 2010. Financial investors’ activity on the other hand, was at an all-time high in terms of number of deals. Private equity firms have continued to pursue Turkish targets and played a leading role in healthcare, e-commerce, food & beverage and education. Despite diminishing growth forecasts and the worsening global economy, we should be able to rely on the dynamic middle market, secondary sales, private equity activity and the increasing eagerness of foreign investors towards Turkey all together to deliver a lively year for M&A activity in 2012.
Including estimates for deals with undisclosed values.
Five - year deal snapshot
Year Deal Number Deal Volume Privatizations / Share in Total Foreign Investors Financial Investors Average Deal Size** Share of Largest 10 Deals in Total Volume
160 US$19.3 billion US$2.3 billion / 12% 70% of deal value 13% of deal value c. US$120 million 60%
169 US$16.2 billion US$5.2 billion / 32% 85% of deal value 30% of deal value c. US$100 million 69%
101 US$5.2 billion US$1.2 billion / 23% 43% of deal value 13% of deal value c. US$51 million 44%
203 US$29 billion US$14.6 billion / 50% 36% of deal value 3% of deal value c. US$140 million 69%
241 US$15 billion US$1 billion / 7% 74% of deal value 8% of deal value c. US$62 million 56%
Note: Data presented above include estimates for deals with undisclosed values (*) Data related to 2010 includes the pending/cancelled energy privatization tenders amounting to US$11.8 billion in 17 transactions (**) In 2010, excluding top ten deals, the average deal size of the remainder was c. US$45 million. In 2011, excluding top ten deals, the average deal size of the remainder was c. US$28 million
Deal Volume and Deal Number
30 29.0 241 250
25 11.8 20 (US$ billion) 19.3 160 15 101 10 17.2 5.2 5 169 16.2
150 15.0 100
2007 Completed Deals
2011 Deal Number
Pending / Cancelled Privatization Tenders
Italy Germany 10 11 France 12 Foreign Investors 138
Turkish Investors 103
UK1 16 USA 22 Other 58
Deal Value (Disclosed; US$ Million)
Deal Value (Disclosed; US$ million)
UK1 4,519 Malaysia 1,260
The dominance of Turkish investors in the M&A scene over the previous two years has ended in 2011; foreign investors regained the upper hand. Foreign investors generated a deal volume of c. US$11.1 billion (including estimates) through 138 deals. Unlike 2009 and 2010, foreign investors played the leading role in transactions and increased their contribution to the total deal volume to a mass level of c. 74% (c. 36% in 2010). This was, firstly because the activity of Turkish buyers who are historically active buyers mainly in privatizations, remained low in the absence of such deals; and secondly, the global economic recovery, although fragile, in the post crisis period and Turkey’s ongoing sound performance, encouraged foreign investors’ appetite towards Turkey. Against foreign investors’ 138 transactions in 2011, Turkish investors engaged in 103 acquisitions worth c. US$3.9 billion (including estimates). In the absence of big ticket privatizations, Turkish investors were mostly channeled to mid-market transactions.
Foreign Investors 9,082 Turkish Investors 2,769
Russia 485 Belgium 480 Other 1,912 Netherlands 425
Does not include the İDO deal.
In terms of number of deals, foreign and Turkish investors shared the total M&A market almost evenly. The former focused on food & beverage, financial services, energy, e-commerce and manufacturing; while the latter focused on energy and IT sectors. Healthcare sector was in the center of attention for the both parties. In 2011, the Turkish M&A market attracted a wellbalanced mix of foreign investors from the US, Europe, the Gulf Region, the Far East and other regions. Regardless of the geographical proximity or investment size considerations, investors from all over the world paid close attention to the Turkish targets.
European investors have been the most active group among foreign investors with a total deal value amounting to US$7.8 billion (including estimates), thereby comprising c. 70% of foreign investors’ deal value. Involved in both of the two largest deals in 2011, British investors have been the dominant group among European buyers. Investors from the US continued their interest in investing overseas as they completed 22 deals in 2011 (13 deals in 2010).
Private equity activity
Sustained growth of the Turkish economy in the post-crisis period and strong growth prospects in various sectors have encouraged private equity investments in 2011. Financial investors experienced a solid year in Turkey, completing an all-time high of 46 deals with a total deal value of c. US$1.2 billion (including the estimates for deals with undisclosed values).
In addition to long-time favourite sectors such as retail and food & beverage; healthcare and e-commerce companies have been the most sought-after M&A targets by financial investors in 2011. Healthcare, e-commerce and food & beverage sectors alone represented the c. 50% of the total private equity deal volume. In addition to the transactions listed in the table on the next page, there were also some transactions where individual investors or certain local groups like Gözde Girişim of Yıldız Holding, diversified their portfolios or made add-on investments. Furthermore, the parent company of the acquirer in Acıbadem deal, considered as a strategic investor transaction in our study, is a private equity fund. Also, we have witnessed several exit transactions of private equity firms as their Turkish portfolios attained greater maturity. Abraaj Capital’s sale of Acıbadem Sağlık and TPG’s sale of Mey İçki have been the largest private equity exits ever in the Turkish market. Furthermore, we have seen a secondary sale in Migros by BC Partners, DeA Capital and Turkven through the stock exchange, amounting to c. US$500 million.
Private Equity Activity
35.0 31.0 30.0 25.0 30.1% 29.0 30.0% 25.0% 19.0 19.3 16.2 15.0 11.6% 10.0 5.0 0.0 4.9 0.8% 0.3 2005 2.2 2006 2.3 5.2 0.7 2008 2009 2.9% 0.9 2010 8.0% 5.0% 1.2 0.0% 2007 2011 12.0% 13.5% 15.0 20.0% 15.0% 10.0% 35.0%
Total Deal Value
Financial Investor Deals
Ratio to Total Deal Value
Private Equity Exits
Seller Abraaj Capital Actera Group BC Partners; DeA Capital; Turkven Hygeia (Marfin Investment Group) İş Girişim İş Girişim TPG Capital; Actera Group Turkven Target Acıbadem Sağlık Hizmetleri LBT Varlık Yönetimi Şok Marketler Şafak Hastaneleri Frik İlaç Probil Mey İçki UCT Media Group Acquirer Integrated Healthcare Holdings EBRD Yıldız Holding Acıbadem Sağlık Hizmetleri Recordati SpA Netaş Telekomünikasyon Diageo Neomobile
List of Private Equity Deals
Deal Value US$ million 48.6 21.0 27.0 N/D 140.0 N/D 11.5 N/D N/D 25.0 N/D N/D 5.0 N/D 5.0 N/D N/D N/D 1.5 N/D N/D 2.5 N/D N/D N/D 9.8 N/D N/D N/D 60.0 N/D N/D N/D 4.5 N/D N/D N/D N/D N/D N/D 77.4 2.0 0.6 N/D N/D N/D
# 1 2 3 4 5 6 7 8 9
Acquirer Aabar Investments ADM Capital ADM Capital ADM Capital ADM Capital; PGGM N.V.; IFC ADM Capital; Yıldız Holding Alpha Investment Argus Capital Partners Bedminster Capital
Origin UAE Hong Kong Hong Kong Hong Kong Hong Kong, Netherlands, USA Hong Kong; Turkey Singapore UK USA Hong Kong; China USA USA Germany UAE USA UK Kuwait Kuwait Belgium Belgium Belgium USA USA Turkey Turkey Turkey Ireland Ireland UK Turkey UK Oman USA Netherlands Brunei Turkey USA USA Turkey Turkey Italy Turkey Turkey Turkey Turkey Turkey
Target Banvit Bandırma Vitaminli Yem Sanayi AKG Gazbeton Kemer Medical Center Penkon Gıda Universal Hospitals Group Dardanel Önentaş Gıda Peak Games Kale Nobel Propak Ambalaj ACT Airlines Bahçeşehir Egitim Kurumları Tab Gıda Peak Games Fabeks Vipdukkan BirgiMefar Group Bıçakçılar Tıbbi Cihazlar Yargıcı Konfeksiyon Peak Games Ciceksepeti.com Digitouch Dijital Pazarlama Nokta.com Grupanya Unnado.com Cimri.com Aras Kargo Elit Çikolata Bücürük Tekstil Kent Hospital İstanbul Cerrahi Hastanesi Sante Group Fina Liman (Kumport) Ulusal Faktoring Bimeks Marsa Yağ Natura Gıda (Ülker-Golf) DSM Grup İletişim Pazarlama (Trendyol.com) DSM Grup İletişim Pazarlama (Trendyol.com) Arkaz Sağlık Doğa Koleji Global Liman Acıselsan Alçıpayam Selüloz Innoted Bilişim Sistemleri Ata Elektrik Ericom Telekom & Enerji Gentra Logistic
Sector Food & Beverage Construction Materials Healthcare Food & Beverage Healthcare Food & Beverage Entertainment Packaging Packaging Logistics & Transportation Education Wholesale & Distribution Entertainment Retail E-Commerce Healthcare Healthcare Retail Entertainment E-Commerce Service Media E-Commerce E-Commerce E-Commerce Logistics & Transportation Food & Beverage Retail Healthcare Healthcare Healthcare Infrastructure Financial Services Retail Food & Beverage Food & Beverage E-Commerce E-Commerce Healthcare Education Infrastructure Chemicals IT Energy Telecommunications Logistics & Transportation
Stake 16.3% 45.7% N/D N/D 26.0% 80.2% 16.5% 50.0% 80.0% 49.0% 48.0% N/D 23.8% 49.8% 28.2% N/D 80.0% N/D 20.0% N/D N/D 8.5% N/D 33.0% 100.0% 20.0% N/D 50.0% 65.0% 80.0% N/D 35.5% N/D 11.3% 20.0% 25.0% 20.1% 21.7% 51.0% N/D 22.1% 76.8% 40.0% 68.0% 25.0% 50.0%
10 Bravia Capital Partners; Hainan Airlines Group 11 Carlyle Group 12 Cartesian Capital Group 13 Earlybird Venture Capital 14 Eastgate Capital Group 15 ePlanet Capital 16 Ethemba Capital; NBGI Private Equity 17 Global Investment House 18 Global Investment House 19 Hummingbird Ventures 20 Hummingbird Ventures 21 Hummingbird Ventures 22 Intel Capital 23 Intel Capital 24 iLab Ventures 25 iLab Ventures 26 İş Girişim 27 Kerten 28 Kerten 29 Mid Europa Partners 30 Mineks International 31 NBGI Private Equity 32 Oman Finance Ministry 33 PineBridge Investments 34 R.P. Explorer NV (RP Capital) 35 Strategic Development Capital Fund 36 SU Private Equity; Turkven 37 Tiger Global Management 38 Tiger Global Management; Kleiner Perkins Caufield & Byers 39 Turkven 40 Turkven 41 Venice European Investment Capital 42 Verusa Girişim Sermayesi 43 Verusa Girişim Sermayesi 44 Verusa Girişim Sermayesi 45 Verusa Girişim Sermayesi 46 Verusa Girişim Sermayesi
Deal size ranges
Annual deal volume analysed by size of deal shows the predominance of small and mid-size transactions in the Turkish M&A market. 201 transactions with a deal value less than US$50 million, corresponding to c. 83% of total number of deals in 2011, comprised only c. 22% of the total deal volume.
Deal Value Ranges
Range Over US$500 million Between US$250 – US$500 million Between US$100 – US$250 million Between US$50 – US$100 million Less than US$50 million Total
(*) Including estimates for deals with undisclosed values
Share in Total Deal Number (%) 2% (4 deals) 2% (5 deals) 6% (15 deals) 7% (16 deals) 83% (201 deals) 100% (241 deals)
Share in Total Deal Volume (%)* 42% 12% 16% 8% 22% 100%
Average deal size in 2011 was c. US$62 million (in 2010, c. US$140 million overall and c. US$85 million excluding privatizations). Excluding the largest five and largest ten transactions, average deal size fell at a level of US$35 million and US$28 million, respectively (US$70 million and US$45 million in 2010, respectively), indicating a noticeable increase in the middle market deals over the years.
On the other hand, 9 transactions, out of 241, with a deal size above US$250 million made up c. 54% of the total volume. Similarly, top 5 and top 10 transactions comprised 45% and 56% of the annual deal volume, respectively.
Top 5 Deals
Acquirer Vallares Diageo Integrated Healthcare Holdings Tepe - Akfen-Souter-Sera Magnitogorsk Iron and Steel Works (MMK) Target Genel Enerji Mey İçki Acıbadem Sağlık Hizmetleri Istanbul Deniz Otobüsleri (İDO) MMK - Atakaş Metalurji Stake Acquired (%) 100% 100% 75% 100% 50% Deal Value (US$ million) 2,100 2,096 1,260 861 485
Deal Value (Disclosed; US$ Million)
Food & Beverage Energy Healthcare Financial Services Logistics & Transportation Retail Iron & Steel Manufacturing Media Cement E Commerce Wholesale & Distribution Real Estate Other 0 500 120
The energy and healthcare sectors stand out in Deal Value (Disclosed) deal number in 2011 with 27 deals each. terms of E-commerce is a newer entrant to the tables and 2,395 has been the rising star with 12 deals. 2,338
1,667 923 908 557
488 450 449 448 423 308 144
Deals completed in the healthcare sector encompassed a wide range of businesses from pharmaceuticals to medical device manufacturers and hospitals. Furthermore, several hospital chains, already partnered with private equity firms, have continued their growth through acquisitions. Along with the energy and healthcare sectors, manufacturing (21 deals), food & beverage (19 deals) and financial services (16 deals) led the highest M&A activity in 2011. IT, services, e-commerce, retail, media, logistics, chemicals and entertainment also attracted a high level of interest. Food & beverage and energy sectors generated highest sectoral M&A volume. Genel Enerji and Mey İçki deals each made up c. 90% of the total volume in their respective sectors. The transactions involving financial investors were spread over a wide range of sectors, though healthcare and e-commerce sectors were the special focus of private equity interest. In terms of deal volume, healthcare and food & beverage were the top two sectors in terms of private equity interest.
1,000 1,500 (US$ million)
Energy Healthcare Manufacturing Food & Beverage Financial Services IT Services E Commerce Retail Media Logistics & Transportation Chemicals Entertainment Other 0 10 7 9 9 8
27 27 21 19 16 13 12 12 11
50 20 30 40 50
In spite of the worsening debt crisis in the Eurozone and the political instability in the MiddleEast region, the Turkish M&A kept building up its momentum in 2011. While Turkey has shown a distinctive growth this year, we have strongly observed the accelerating interest of foreign investors in Turkish targets. It is inevitable that the global economic slowdown will impact the Turkish market in the near term. Nevertheless, we expect the foreign investors will continue to target Turkish companies closely. Similarly, financial investors will sustain their acquisitive approach in the Turkish market and will increase their contribution to the deal volume. We also expect to witness an increasing number of secondary sales in sectors like financial services, infrastructure and energy. We expect that retail, energy, e-commerce, financial services, food & beverage will be the most M&A active sectors.
The outlook for privatizations remains unclear. Nevertheless, there are scheduled privatizations such as the Highways and Bridges, Galataport, the Electricity Assets, Başkentgaz and İgdaş. If even part of the portfolio is successfully delivered, this would make a material contribution to the 2012 deal volume. Middle market transactions will continue their momentum and will drive the overall M&A activity. Despite the unfavorable global economic outlook, we expect a continuing healthy M&A environment in 2012.
2011 Deal list
# 1 2 3 4 5 6 7 8 9
Acquirer Vallares Diageo Integrated Healthcare Holdings Tepe-Akfen-Souter-Sera Magnitogorsk Iron and Steel Works (MMK) Limak Holding Gözde Girişim Sermayesi (Yıldız Holding) Doğuş Yayın Grubu Daikin Europe
Origin UK UK Malaysia Turkey Russia Turkey Turkey Turkey Belgium USA Belgium USA France UK Hong Kong, Netherlands, USA UK Netherlands Italy Italy Netherlands Netherlands Hong Kong Netherlands Italy UAE Turkey Turkey Turkey Libya UAE
Target Genel Enerji Mey İçki Acıbadem Sağlık Hizmetleri Istanbul Deniz Otobüsleri (İDO) MMK-Atakaş Metalurji Italicementi Set Group Şok Marketler Işıl Television Yayıncılık (Star TV) Airfel Deniz Emeklilik Aksigorta GittiGidiyor.com TEB Bank Sofra Hazır Yemek Universal Hospitals Group Hedef Alliance Holding Opus Dış Tic.; Urart Gümrüksüz Mağazalar; Net Mağaza Dr. F. Frik İlac Yeni Elektrik Üretim Eureko Sigorta (former Garanti Sigorta) AKSA Karbon Elyaf Sanayi Beşiktaş Emlak Yatırım Vipindirim Elektronik Hizmetler (Markafoni) Global Liman Adabank AS Vatan Gazetesi; Milliyet Yozgat Kraft Torba İstanbul Cerrahi Hastanesi Arap Türk Bankası Banvit Bandırma Vitaminli Yem Sanayi
Sector Energy Food & Beverage Healthcare Logistics & Transportation Iron & Steel Cement Retail Media Manufacturing Financial Services Financial Services E Commerce Financial Services Food & Beverage Healthcare Wholesale & Distribution Retail Healthcare Energy Financial Services Chemicals Real Estate E Commerce Infrastructure Financial Services Media Packaging Healthcare Financial Services Food & Beverage
Stake 100.0% 100.0% 75.0% 100.0% 50.0% 100.0% 99.6% 100.0% 100.0% 99.9% 31.0% 83.0% 6.0% 50.0% 26.0% 10.0% 45.0% 100.0% 40.0% 20.0% 50.0% 50.0% 68.0% 22.1% 100.0% N/D 49.0% 80.0% 20.6% 16.3%
Deal Value (US$ million) 2,100.0 2,096.4 1,260.4 861.0 485.0 399.0 380.0 327.0 258.5 230.1 220.0 217.0 188.0 146.5 140.0 138.4 136.0 130.0 120.8 100.9 92.5 92.0 86.0 77.4 75.0 74.0 63.3 60.0 53.3 48.6
10 MetLife 11 Ageas 12 eBay 13 BNP Paribas Yatırımlar Holding 14 Compass Group 15 ADM Capital; PGGM; IFC 16 Alliance Boots 17 Stampos BV 18 Recordati SpA 19 Ansaldo Energia 20 Eureko 21 Dow Europe Holding 22 Shangri-La Asia Limited 23 Nasper 24 Venice European Investment Capital 25 G Capital Limited; Gürmen Group 26 Demirören; Karacan (DK Gazetecilik ve Yayincilik) 27 Bilal Şahin (Private Investor) 28 Mineks International 29 Libyan Foreign Bank 30 Aabar Investments
# 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74
Acquirer Svenska Cellulosa Aktiebolaget TurkPower Corporation SOCAR Al Jazeera Acıbadem Sağlık Hizmetleri VTG Nikel Madencilik Air Liquide Olam International Türkiye Halk Bankası Nuh Çimento Enerjisa Turkraft Holding Galip Öztürk (Private Investor) Saya Group Nortel Networks Netas Telekomünikasyon Doehler GmbH Kiler Holding Doğuş Holding TMC Enerji ADM Capital Franklin Electric Hainan Airlines Group, Bravia Capital Partners ITE Group Rönesans Gayrimenkul Yatırım Metalfrio Öztürk Family ADM Capital Securitas AB Antalya Alkollü İçecekler Gruma S.A.B. de CV Vodafone Svenska Cellulosa Aktiebolaget Matthews International Corporation Niche Alpha Investment Enerji Yatirim Holding ArcelorMittal Işıklar Holding Turkcell İletişim Hizmetleri İş Girişim CWT Globelink Azimut Metemteks Tekstil Ceylan Giyim
Origin Sweden USA Azerbaijan Qatar Turkey Turkey France Singapore Turkey Turkey Turkey Turkey Turkey Turkey Turkey Germany Turkey Turkey Turkey Hong Kong USA Hong Kong; China UK Turkey Brazil Turkey Hong Kong Sweden Turkey Mexico Turkey Sweden USA UK Singapore Turkey France Turkey Turkey Turkey Singapore Italy Turkey Turkey
Target Komili Kağıt Maksor Madencilik Socar & Turcas Enerji (STEAŞ) Cine 5 Göztepe Şafak Hastanesi; JFK Kennedy Hospital Sardes Nickel Madencilik; Turmad Madencilik Air Separation Units in Aliaga Progıda Pazarlama Halk Leasing Kudret Enerji Özışıklar Enerji Üretim (Alpaslan 2 Project) Usaş Uçak Servisi Avrasya Petrol ve Turistlik Tesisler Yatırımlar Volt Elektrik Probil Aroma Karaman Konsantre Tesisleri Kiler Ankara Mağazacılık (Canerler) Doğuş GE GYO Mazıdağı Fosfat Tesisleri Kemer Medical Center Impo Motor Pompa Sanayi ACT Airlines YEM Fuarcılık Acim Cimento Klimasan Şafak Hastaneleri AKG Gazbeton Sensormatic Güvenlik Group Burgaz Rakı Semolina Koçnet Haberleşme Teknolojileri ve İletişim Hizmetleri San Sağlık Ürünleri Kroma Arar Petrol ve Gaz Peak Games Naturelgaz ArcelorMittal Ambalaj Çeliği Metem Enerji ve Tekstil Global İletişim Hizmetleri Aras Kargo Unimar Logistics Incorporation Global Portföy BND Elektrik Üretim Mintay Tekstil
Sector Manufacturing Mining Petrochemicals Media Healthcare Mining Manufacturing Food & Beverage Financial Services Energy Energy Services Tourism Manufacturing IT Food & Beverage Retail Real Estate Mining Healthcare Manufacturing Logistics & Transportation Services Cement Manufacturing Healthcare Construction Materials Services Food & Beverage Food & Beverage Telecommunications Healthcare Manufacturing Energy Entertainment Energy Packaging Energy Telecommunications Logistics & Transportation Logistics & Transportation Financial Services Energy Textile
Stake 50.0% 50.1% 25.0% N/D 100.0% 100.0% 100.0% 100.0% 46.4% 100.0% 100.0% 56.3% 79.4% 100.0% 100.0% 100.0% 50.0% 25.5% 100.0% N/D 80.0% 49.0% 60.0% 50.0% 29.0% 50.0% 45.7% 51.0% 100.0% 100.0% 100.0% 95.0% 70.0% 5.0% 16.5% 50.0% 25.0% 19.11% 100.0% 20.0% 50.0% 60.0% 66.7% 33.6%
Deal Value (US$ million) 47.1 46.4 44.0 40.5 40.0 40.0 39.0 37.2 36.4 36.0 34.2 33.6 33.0 31.0 31.0 30.0 29.2 28.0 28.0 27.0 26.1 25.0 24.9 23.8 22.3 22.0 21.0 18.1 18.0 17.5 17.4 15.0 13.5 13.2 11.5 10.6 10.5 10.0 9.8 9.8 8.8 8.4 7.6 7.5
# 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99
Acquirer Yücel Group Al Sayer Endeks Gayrimenkul ve Madencilik Fugro Group Gözde Girişim Sermayesi (Yıldız Holding) Earlybird Venture Capital ePlanet Capital Turcas Petrol R.P. Explorer (RP Capital) Artı Televizyon TAV Havalimanları Holding Ada Metal Çelik Soda Sanayii Cronimet Alloys India Loomis Yıldız Holding Gürtaş Tarım Enerji Serve Kırtasiye Logo Yazılım Datateknik Intel Capital Aksa Enerji Üretim Serve Kırtasiye Olmuksa International Paper Sabancı Ambalaj Azimut
Origin Turkey Kuwait Turkey Netherlands Turkey Germany USA Turkey Netherlands Turkey Turkey Turkey Turkey India Sweden Turkey Turkey Turkey Turkey Turkey USA Turkey Turkey Turkey Italy Turkey Belgium Canada Turkey Germany UAE Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey USA Italy Turkey Turkey
Target Doğusan Boru Cafe Crown Deniz Türev Menkul Değerler Sial Yerbilimleri Müşavirlik Exper Bilgisayar Peak Games Vipdukkan Socar & Turcas Rafineri (STRAŞ) Bimeks Viva TV; Radyo Viva TAV Özel Güvenlik Hizmetleri Bilecik Demir Çelik Sintan Kimya Atlanta Madencilik Erk Armored Komili Kağıt Meltem Enerji Kemerburgaz Ofis Coretech Bilgi Teknolojisi Hizmetleri Mobilera Nokta.com Alenka Enerji Üretim Uni Yazı Gereçleri Donkasan Dönüşen Kağıt Hammaddeleri Global Menkul Değerler Acıselsan Alçıpayam Selüloz Peak Games Bursa Copper-Gold Project Gürtaş Tarım Ürünleri Pozitif Menkul Değerler Plato Veri Dağıtım Frigo Pak Gıda Artım Bilişim Çözümleri CVH Madeni Yağ Innoted Bilişim Sistemleri Maxi TV Ada Menkul Bursa TV / Bursa FM PAVO Tekkale Elektrik Üretim Datateknik Tekkale Elektrik Üretim DSM Grup İletişim Pazarlama (Trendyol.com) Tarros Denizcilik Ata Elektrik Aksu Temiz Elektrik
Sector Manufacturing Retail Financial Services Services IT Entertainment E Commerce Petrochemicals Retail Media Services Iron & Steel Chemicals Mining Logistics & Transportation Manufacturing Energy Wholesale & Distribution IT IT Media Energy Wholesale & Distribution Manufacturing Financial Services Chemicals Entertainment Mining Agriculture & Breeding Financial Services IT Food & Beverage IT Wholesale & Distribution IT Media Financial Services Media IT Energy IT Energy E Commerce Logistics & Transportation Energy Energy
Stake 56.1% 50.0% 100.0% 100.0% 67.0% 23.8% 28.2% 18.5% 11.3% 100.0% 33.3% 40.0% 38.0% 92.0% 60.0% 12.5% 87.0% 51.0% 100.0% 25.0% 8.5% 76.0% 9.7% 20.0% 5.0% 76.8% 20.0% 100.0% 80.7% 100.0% 100.0% 4.2% 51.0% 99.5% 40.0% 100.0% 100.0% 100.0% 10.0% 100.0% N/D 80.0% 20.1% 50.0% 68.0% 70.0%
Deal Value (US$ million) 7.3 7.0 7.0 5.6 5.5 5.0 5.0 4.8 4.5 4.2 3.9 3.4 3.2 3.0 3.0 2.9 2.8 2.8 2.7 2.7 2.5 2.4 2.2 2.2 2.0 2.0 1.5 1.5 1.1 0.9 0.9 0.8 0.8 0.6 0.6 0.6 0.6 0.6 0.2 0.2 N/D N/D N/D N/D N/D N/D
100 Verusa Girişim Sermayesi 101 Hummingbird Ventures 102 Empire Mining Corporation 103 Altınyağ 104 Ceros Holding 105 DirectFN 106 MVA Tekstil 107 Indeks Bilgisayar 108 Reysaş Taşımacılık ve Lojistik 109 Verusa Girişim Sermayesi 110 Sebil Yayıncılık 111 Asya Katılım Bankası 112 RMB Radyo Televizyon 113 Escort Teknoloji Yatırım 114 Nuh Group 115 Bilsoft Bilgi ve Eğitim Teknolojileri 116 Hamza Dogan (Private Investor) 117 Tiger Global Management 118 Tarros SPA 119 Verusa Girişim Sermayesi 120 Ayen Enerji
Origin Turkey USA Germany Sweden Turkey Sweden Turkey Turkey Ireland Turkey Turkey USA UK UK Ireland USA Kuwait Netherlands Turkey Japan USA Greece Turkey Turkey Turkey Australia Turkey Turkey Turkey Germany Turkey Turkey Italy Turkey Turkey Turkey Turkey Germany USA Turkey Turkey Belgium USA Turkey Turkey
Target Cici Gıda Eral Lastik and Protek Kimyevi Maddeler Diasis Diagnostic Systems Antalya Nefroloji Özel Diyaliz Energaz Infomed Diyaliz Siemens Enterprise Communications SEN EC AYAS Enerji Üretim ve Ticaret Elit Çikolata Medyaguru Reklam Oyal Zarf Propak Ambalaj Kale Nobel Sante Group Bücürük Tekstil Thrace Basin Natural Gas Turkiye Corporation (TBNG) Bıçakçılar Tıbbi Cihazlar Baymak Makina Tiglon Filmed Tibbi Cihazlar Korda Kağıt Intersport Atletik Arkaz Sağlık Fizy İletişim Hizmetleri (fizy.com) Doğa Koleji Kestanelik Gold Project An-Deva Sağlık Grubu Unnado.com İncir HEPP Mahle Mopisan Mika Tur Bares Elektrik Mondial Milas Bodrum Hav. İşlet. Yat. Grupca.com Kaş Marina Şahmar Palmed Sağlık Kale Air Tab Gıda Ericom Telekom & Enerji Resin business of Cam Elyaf Ciceksepeti.com Ulusal Faktoring Natura Gıda (Ülker-Golf) Ege Sağlık
Sector Food & Beverage Chemicals Healthcare Healthcare Energy Healthcare IT Energy Food & Beverage Services Manufacturing Packaging Packaging Healthcare Retail Energy Healthcare Manufacturing Entertainment Healthcare Manufacturing Retail Healthcare Entertainment Education Mining Healthcare E Commerce Energy Automotive & Parts Tourism Energy Infrastructure E Commerce Infrastructure Retail Healthcare Logistics & Transportation Wholesale & Distribution Telecommunications Chemicals E Commerce Financial Services Food & Beverage Healthcare
Stake N/D 100.0% 100.0% 100.0% 46.5% 100.0% 100.0% 51.0% N/D 100.0% 100.0% 80.0% 50.0% N/D 50.0% 100.0% 80.0% 40.0% 100.0% 100.0% 78.0% 75.0% 51.0% 70.0% N/D N/D 62.5% 33.0% 100.0% 40.0% 50.0% 100.0% 92.9% 30.0% 50.0% 100.0% N/D N/D N/D 25.0% 100.0% N/D 47.0% 25.0% 82.9%
Deal Value (US$ million) N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D
121 Elvan Gıda 122 Univar 123 ERBA Diagnostics 124 Diaverum 125 Enerji Yatırım Holding 126 Diaverum 127 Elkotek 128 OYAK 129 Kerten 130 Mynet 131 Umur Basım 132 Bedminster Capital 133 Argus Capital Partners 134 NBGI Private Equity 135 Kerten 136 TransAtlantic Worldwide 137 Global Investment House 138 BDR Thermea Group 139 Fida Film 140 Fujifilm Corporation 141 Central National-Gottesman 142 Fourlis Group 143 Turkven 144 Turkcell İletişim Hizmetleri 145 Turkven 146 Chesser Resources 147 Memorial Health Group 148 iLab Ventures 149 Enerjisa 150 Mahle 151 Hedef Group 152 Enerjisa 153 Astaldi 154 Bilyoner Interaktif Hizmetleri 155 Koç Holding 156 Kiler Alışveriş 157 Saya Group 158 WIKING Helikopter Service 159 Cartesian Capital Group 160 Verusa Girişim Sermayesi 161 Poliya 162 Hummingbird Ventures 163 PineBridge Investments 164 SU Private Equity; Turkven 165 Universal Hospital Group
Origin UK Belgium Turkey Turkey Switzerland Italy Brunei Switzerland Turkey Turkey France Kuwait France Poland UK Saudi Arabia Turkey Austria France Turkey Turkey France UK Turkey Turkey Italy Netherlands Italy Germany Turkey France Turkey UK UK Turkey USA USA Oman USA Italy France
Target Ross Breeders Anadolu Ana Damızlık EKY Eczacibasi Koramic Yapı Kimyasalları Cimri.com Gelişim Sağlık (Alanya Özel Can Hastanesi) Ammann Teknomak Makina Titan Jantsa Jant Sanayi Marsa Yağ Milangaz LNG Toptan Satis EGL Turkey Pakize Tarzi Hastanesi Interplast Mühendislik Plastikleri Yargıcı Konfeksiyon Promix Cenovapharma İstanbul Fuar Hizmetleri Assan Tüketici Finansmanı Molekuler Görüntüleme Asaş Ambalaj Doğaner Alçı Madencilik Dedeman Bodrum Hotel Özel Medisina Van Hastanesi; Özel Divan Hayat Hastanesi Yaltes Elektronik BirgiMefar Group Pervari Dam and Hydroelectric Power Plant Best Buy Turkey Tekfalt Makine Kayseri Taşıt Muayene İstasyonları UCT Media Group Konum Enerji Yatırım Üretim Misbis Gida Pos Media Alkislarlayasiyorum.com Kent Hospital Obasan Gida Wella Kozmetik Grupanya DSM Grup İletişim Pazarlama (Trendyol.com) Fina Liman (Kumport) Tradera Cinay Kimya Serenas
Sector Agriculture & Breeding Construction Materials E Commerce Healthcare Manufacturing Automotive & Parts Food & Beverage Energy Energy Healthcare Manufacturing Retail Chemicals Healthcare Services Financial Services Healthcare Packaging Construction Materials Tourism Healthcare IT Healthcare Energy Retail Manufacturing Services Entertainment Energy Food & Beverage Media Entertainment Healthcare Food & Beverage Wholesale & Distribution E Commerce E Commerce Infrastructure Packaging Healthcare Services
Stake N/D 50.0% 100.0% 100.0% N/D 50.0% 20.0% 50.0% 50.0% 100.0% N/D N/D 100.0% 77.0% 75.0% 100.0% 100.0% 93.0% 100.0% 100.0% 100.0% 60.0% N/D 100.0% 100.0% 60.0% 69.6% N/D 100.0% N/D 48.3% 100.0% 65.0% 100.0% N/D N/D 36.7% 35.5% 80.0% 100.0% 70.0%
Deal Value (US$ million) N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D
166 Aviagen 167 Koramic Investment Group 168 iLab Ventures 169 Kemer Medical Center (Anadolu Hastaneleri Grubu) 170 Ammann Group 171 Titan Italia SpA 172 Strategic Development Capital Fund 173 EGL AG 174 Demirören 175 Ortadogu Group 176 Safic-Alcan 177 Global Investment House 178 Saint-Gobain 179 Polpharma 180 Tarsus Group 181 ALJ Group 182 Eczacıbaşı Monrol Nükleer Ürünler 183 Constantia Packaging 184 Saint-Gobain 185 Başaran Group 186 Lokman Hekim Engurusag 187 Thales International 188 Ethemba Capital; NBGI Private Equity 189 Enerjisa Enerji Üretim 190 Teknosa 191 Marini SpA 192 European Testing Services 193 Neomobile 194 Steag 195 Ülker Group (Biskot) 196 High Co. 197 Nokta Group 198 Mid Europa Partners 199 Compass Group 200 Yöntem Dış Ticaret 201 Intel Capital 202 Tiger Global Management; Kleiner Perkins Caufield & Byers* 203 Oman Finance Ministry 204 Central National-Gottesman 205 Angelini 206 GL Events
* Represents the total investment completed in two tranches
Origin Turkey Japan Turkey Turkey Belgium USA UK France France Switzerland UK UK Switzerland Russia USA Germany Turkey Turkey Netherlands Belgium Germany Switzerland Hong Kong; Turkey Turkey Turkey France Hong Kong Switzerland USA UAE Germany UAE Turkey USA USA
Target Gentra Logistic Piyale Un Biznet Bilişim Sistemleri Tatlı Çikolata Sanayi (Bind) Işık Perde Rayları Bahçeşehir Egitim Kurumları Suntopia Zetaş Zemin Teknolojisi Delta Petrol Hassas Boru Sportingbet (Turkish Division) LBT Varlık Yönetim Grupfoni Mira Menkul Değerler MCS Yangın ATC GROUP Uluslararası Nakliyat İpek Kağıt Sanayi Organik Kimya Unimed Sağlık Hizmetleri Digitouch Digital Pazarlama Reklamz; Linkz; Sem Sanpan Isıtma Sistemleri Dardanel Önentaş Gıda İnci Hayvancılık ve Tarım WorldBI Erensan Penkon Gıda MSM; MRL; Sanilab; Özel Hatay Food Laboratories Avrasya Gaz Pelit Su Enda Enerji Fabeks Erguvan Enerji Ciceksepeti.com Ema Kimya
Sector Logistics & Transportation Food & Beverage IT Food & Beverage Manufacturing Education Tourism Construction Energy Manufacturing Services Financial Services E Commerce Financial Services Wholesale & Distribution Logistics & Transportation Manufacturing Chemicals Healthcare Services Media Manufacturing Food & Beverage Agriculture & Breeding IT Manufacturing Food & Beverage Services Energy Food & Beverage Energy Retail Energy E Commerce Chemicals
Stake 50.0% 50.0% 51.0% 77.0% N/D 48.0% N/D 60.0% 50.0% 100.0% 100.0% N/D N/D 100.0% N/D 100.0% 50.0% 49.0% 100.0% N/D 100.0% 49.0% 80.0% 50.0% 27.8% 25.0% N/D 100.0% 26.0% 100.0% 100.0% 49.8% 50.0% 18.7% N/D
Deal Value (US$ million) N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D
207 Verusa Girişim Sermayesi 208 Mitsubishi Corporation 209 Faruk Eczacıbaşı (Private Investor) 210 Super Group 211 Soudal 212 Carlyle Group 213 First Choice 214 Soletanche Freyssinet 215 Rubis Terminal 216 Jansen 217 Gaming VC Holdings 218 European Bank for Reconstruction and Development (EBRD) 219 Quants Holding 220 Renaissance Capital 221 Tyco International Management 222 M&M International Holding 223 Eczacıbaşı Holding 224 Organik Holding 225 Euromedic International 226 Hummingbird Ventures 227 Ballroom 228 Zehnder Group AG 229 ADM Capital; Yıldız Holding 230 GLRYH İlaç Bilim İnşaat 231 Logo Yazılım 232 Atlantic Group 233 ADM Capital 234 SGS 235 Prima Energy Trading 236 Agthia Group 237 Hotrock Holding 238 Eastgate Capital Group 239 Eczacıbaşı Holding 240 Amazon 241 Huntsmann Corporation
This publication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms, or their related entities (collectively, the “Deloitte Network”) is, by means of this publication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. No entity in the Deloitte Network shall be responsible for any loss whatsoever sustained by any person who relies on this publication.
For more information about M&A Advisory Services contact: Başak Vardar Partner email@example.com + 90 (212) 366 63 71 DRT Kurumsal Finans Danışmanlık Hizmetleri A.Ş. Sun Plaza Maslak Mah. Bilim Sok. No:5 34398 Şişli, İstanbul Tel: 90 (212) 366 60 00 Fax: 90 (212) 366 60 30 Armada İş Merkezi A Blok Kat:7 No:8 06510, Söğütözü, Ankara Tel: 90 (312) 295 47 00 Fax: 90 (312) 295 47 47 Punta Plaza 1456 Sok. No:10/1 Kat:12 Daire: 14 – 15 Alsancak, İzmir Tel: 90 (232) 464 70 64 Fax: 90 (232) 464 71 94 www.deloitte.com.tr www.verginet.net www.denetimnet.net Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte’s approximately 182,000 professionals are committed to becoming the standard of excellence. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms. ©2012 Deloitte Turkey. Member of Deloitte Touche Tohmatsu Limited