Company acquisition in Turkey: Accelerating development through external growth

Entering a new market can take several years. Building a commercial presence, recruiting teams, developing a customer portfolio, setting up local operations or creating an industrial site often requires significant time and investment.

For some companies, another approach may offer a faster route: acquiring a company in Turkey.

Buying a company in Turkey can provide immediate access to teams, customers, suppliers, industrial capabilities, licences, contracts and in-depth knowledge of the local market. Whether the project involves a business takeover in Turkey, an industrial acquisition, the acquisition of a family-owned company, the purchase of an SME or mid-sized business, a minority investment, a joint venture or an equity partnership, M&A in Turkey can be a strategic lever to accelerate market entry or strengthen an existing presence.

A merger and acquisition transaction in Turkey is not limited to the signing of a contract. It requires a detailed understanding of local players, rigorous risk analysis, coherent valuation, appropriate transaction structuring and local coordination capable of securing the entire process, from initial screening through to closing and post-acquisition integration.

Why acquire or take over a company in Turkey?

In some cases, creating a subsidiary in Turkey is the most appropriate solution. In others, acquiring a Turkish company can significantly accelerate the implementation of a project. An acquisition can provide access to an existing customer base, a structured sales network, operational teams already in place, specific know-how, authorizations, a supplier portfolio or an industrial asset that can be used immediately.

For a foreign investor, buying an already active company in Turkey can reduce certain development phases, facilitate market access and accelerate revenue generation. This approach is particularly relevant when the objective is to gain market share quickly, strengthen an industrial presence, buy a factory in Turkey, secure a supply chain or develop a regional platform.

The question is therefore no longer only how to establish a presence in Turkey, but how to buy a company in Turkey under the right conditions, with a coherent target, clearly identified risks and a controlled transaction framework.

Identifying, qualifying and approaching the right acquisition targets in Turkey

The success of an external growth transaction in Turkey depends first and foremost on the quality of the selected target. The Turkish market includes many family-owned, industrial, commercial and service companies. However, not all of them represent relevant opportunities for a foreign buyer.

Searching for acquisition targets in Turkey requires a multi-criteria analysis covering the sector, location, company size, shareholder structure, competitive positioning, customer portfolio, industrial capabilities, asset quality, organisation, management, development potential and compatibility with the buyer’s objectives. This screening phase makes it possible to build a shortlist of companies that may correspond to the project. It is particularly important in an industrial acquisition in Turkey, the takeover of a manufacturing business or a transaction involving production assets, where asset quality, operational capability and the local environment are decisive.

A confidential approach can then be initiated in order to assess shareholder interest, the feasibility of the transaction and the initial conditions of a potential deal.

For a business owner or investor wondering how to find an acquisition target in Turkey or how to take over a Turkish company, this stage acts as the first strategic filter before any more formal commitment.

Due diligence, acquisition audit and business valuation in Turkey

Once the target has been identified, the key issue is to understand precisely what is being acquired. Due diligence in Turkey makes it possible to analyse the reality of the company beyond the information presented during the initial discussions. It aims to verify the consistency of the data provided, identify risks, assess weaknesses and evaluate the target’s ability to create value after the acquisition. This phase generally covers several complementary dimensions: financial, accounting, tax, legal, employment, operational, commercial, regulatory and sometimes reputational.

An acquisition audit in Turkey can help identify potential liabilities, off-balance-sheet commitments, critical dependencies, disputes, compliance issues, tax risks, sensitive contracts, employment-related difficulties or areas of operational weakness. This analysis also serves as a basis for business valuation in Turkey. It makes it possible to examine financial assumptions, the quality of EBITDA, revenue recurrence, cost structure, working capital requirements, dependency on certain customers or suppliers and the main factors likely to influence pricing.

For a foreign buyer, the question is therefore not only how to conduct due diligence in Turkey, but how to turn this analysis into a decision-making, negotiation and investment security tool.

Structuring, negotiating and securing the M&A transaction in Turkey

An M&A transaction in Turkey can take several forms depending on the objectives pursued: share acquisition, asset acquisition, minority investment, joint venture, equity partnership, holding structure or a specific arrangement linked to the sector or shareholder structure.

The transaction structure must take into account the legal, tax, financial, operational and sometimes regulatory issues specific to each deal. This phase generally includes the preparation and negotiation of preliminary documents such as the NDA, LOI, term sheet, exclusivity agreement or memorandum of understanding. These documents frame the discussions, clarify the parties’ intentions and lay the foundations for the transaction before binding commitments are made.

Negotiations then focus on the key terms: valuation, price adjustment mechanisms, warranties, representations, indemnities, conditions precedent, future governance, closing mechanics and any post-transaction support arrangements.

The SPA in Turkey, or Share Purchase Agreement, is generally the central document of the transaction when the deal involves the acquisition of shares. It formalises the rights and obligations of the parties, protection mechanisms, warranties, indemnities, covenants and the conditions required for the transaction to be completed. The objective is to build sufficiently clear and robust transaction documentation to reduce uncertainty, secure commitments and prepare closing under the right conditions.

Closing, post-acquisition phase and operational integration in Turkey

The post-acquisition phase in Turkey is often decisive for preserving business continuity, stabilising governance, securing key teams, maintaining relationships with customers and suppliers, and translating the value creation assumptions into concrete actions. Post-acquisition integration in Turkey may cover governance, IT systems, financial procedures, human resources, commercial strategy, purchasing, production, reporting, compliance and coordination with the parent company. This stage requires a detailed understanding of local practices, the internal balances of the acquired company, the expectations of outgoing or remaining shareholders and the working methods of Turkish teams.

A successful acquisition is therefore not measured solely by the quality of the transaction. It is also measured by the buyer’s ability to turn the deal into sustainable development without operational disruption or loss of value during the first months.

Advantis supports companies with M&A transactions in Turkey

For more than twenty years, Advantis has supported SMEs, mid-sized companies, industrial groups, investors and investment funds in their business acquisition projects in Turkey, external growth strategies and M&A transactions in the Turkish market.

Our teams are involved across the entire transaction value chain: identification and qualification of targets, confidential shareholder approaches, coordination of due diligence workstreams, transaction structuring, negotiation support, assistance with transaction documentation, closing preparation and post-acquisition support. Our approach combines strategic analysis, knowledge of the Turkish market, coordination of local experts and operational support, enabling our clients to conduct their M&A projects within a clearer, more secure and better controlled framework.

Our objective is to help companies accelerate their development in Turkey, secure their investments and maximise the chances of success of their external growth operations in the Turkish market.