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Turkey MA Deloitte 2010

Turkey MA Deloitte 2010

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    Turkey-birlesmesatinalmaraporu_210111 Turkey-birlesmesatinalmaraporu_210111 Document Transcript

    • Annual Turkish M&A Review 2010Corporate FinanceJanuary 2011
    • ContentsEnergy privatizations make their mark 1Snapshot 3Privatizations 4Investor origin 6Private equity activity 8Deal rankings 10Sectoral overview 11Prospects 12Deal list (January 1 – December 31) 13Basis of PresentationMergers and acquisitions presented in this report comprise M&A transactions announcedbetween 01.01.2010 and 31.12.2010, including those with on-going legal/closing/financing procedures.This study does not include; capital market transactions, IPOs, real estate sales, conces-sions based on revenue sharing, intra-group share transfers and transactions of financialinstitutions within the framework of debt restructuring.1
    • Foreword After a lifeless period for M&A in 2009, the M&A buzz of 2010 reminded all of the good old times. The deal volume of c. US$29 billion materialized through 203 deals, was an all-time high in terms of number of deals and the second highest deal volume after the year 2005, in Turkish M&A history. As foreseen in our predictions featured in last year’s review, privatizations and energy sector deals were critical in the deal value of 2010. Privatizations, which comprised half of the total deal value, as well as a few sizable energy and financial services deals in the private sector carried the M&A volume up to such a remarkable level. If it weren’t for these transactions, the deal volume under discussion would be around US$7 billion. Nevertheless, the vivacity of the markets signals a strong year in terms of M&A in 2011. We are delighted to share, in the following pages, our analyses and insights regarding the Turkish M&A market in 2010, as well as our expectations regarding 2011. I would also like to thank the Corporate Finance Team of Deloitte Turkey for their support in putting our annual Turkish M&A Review together. Başak Vardar Partner Corporate Finance 1
    • 1
    • Energy privatizationsmake their markFollowing the quiet period in 2009, M&A activity in 2010 has soaredto rea h the highest number of deals ever and the second highest dealvalue after the year 2005, in Turkish M&A history. Total M&Avolume was around US$29 billion(1) ZMWT[KM  HIEQX åI ZNRIX ESHtwo times the deal value and number of last year, respectively.Privatizations, comprised half of the total deal Spanish BBVA’s acquisition of Garanti Bank sharesvalue. The privatizations in the energy sector and from GE (25%) for a consideration of US$5.8a couple of sizable transactions in energy and billion was certainly the deal of the year, whichfinancial services in the private sector were decisive comprised 20% of the total deal value by itself.in the deal volume. 2011 is expected to be avibrant year in terms of M&A, once again featuring Excluding privatizations and the Garanti Banksignificant privatizations. deal, the total volume of the remainder was only US$8.5 billion, while the average deal size of theOut of 203 transactions in 2010, 119 had a remainder was US$50 million, indicating thatdisclosed deal value, adding up to US$25.4 billion. mid-cap segment hosted the most activity. TheConsidering the estimated value of deals with number of big-ticket transactions did not exceedundisclosed values, total M&A volume was around the number of fingers on one hand.US$29 billion in 2010. (2009 full year c. US$5.8billion). 2010 was a year of privatizations and Even with a deal value of c. US$10.5 billion (2009secondary sales. – US$2.2 billion), foreign investors only accounted for 36% of the total deal value. Foreign investors’Privatizations made up a considerable part of the contribution to the annual deal volume remaineddeal volume, with 35 transactions having a deal low in 2010 mainly due to Turkish investors’value of US$14.6 billion, which represents half dominant role in privatizations.of the total deal value. These transactions weremainly the sale of electricity distribution companies We expect the energized M&A market to keepand portfolios of small generation assets. 2010 building up its momentum in 2011.was the last stop of a long-lasting journey for theprivatization of the Turkish electricity distributioncompanies. Electricty distribution rights for 11regions were sold off for a total of US$12.3 billion.Additionally, Başkent natural gas distributioncompany was privatized for US$1.2 billion. 1. Including estimates for deals with undisclosed values 1
    • 2
    • Snapshot Year 2007 2008 2009 2010 Deal Number* 160 169 102 203 Deal Volume* US$19.3 billion US$16.2 billion US$5.8 billion US$29 billion Privatizations / US$2.3 billion / US$5.2 billion / US$1.8 billion / US$14.6 billion / Share in Total 12% 32% 32% 50% Foreign Investors* 70% of deal value 85% of deal value 38% of deal value 36% of deal value Financial Investors* 13% of deal value 30% of deal value 12% of deal value 3% of deal value Average Deal Size c. US$120 million c. US$100 million c. US$55 million c. US$140 million*** Largest Deal Value US$2.7 bn (Oyak US$3.1 bn (Migros US$606 mn (Sugar US$5.8 bn (Garanti / Share in Total Bank) / 14% Türk) / 19% Factories)** / 10% Bank) / 20%(*) Including estimates for deals with undisclosed values and adjusted for canceled transactions.(**) The legal process regarding the sugar factories is on-going. No adjustments have been made.(***) Excluding privatizations and the Garanti Bank deal, the average deal size of the remainder was US$50 million. 3
    • Privatizations Privatizations were the distinctive mark on the deal Other than the privatization of the Iskenderun volume of 2010, with 35 transactions having a Port and the Grand Hyatt Hotel Istanbul, total value of US$14.6 billion. Historically, this year all privatizations were in the energy sector. bore the deepest impact by privatizations on deal The electricity distribution sector was totally value. Privatizations have comprised 50% of the restructured and privatized in 2010. Electricity total deal value in 2010. distribution regions were sold off in big-ticket transactions ranging from US$100 million to US$3 Turkish groups once again stepped up during billion. privatizations and submitted the winning bids in all of the 35 transactions. Foreign investors were Sale of state-owned assets such as Galataport, absent during privatizations and Turkish investors, National Lottery, Electricity Generation Assets, in contrast to prior years, carried on without taking IDO (Istanbul Fast Ferries), IGDAŞ, Bridges and on foreign partners. Highways will keep privatizations again on the agenda in 2011. If all sale processes are successful, the privatization volume would reach US$12-15 billion in 2011. 35.0 35,0 60.0% 60,0% 31.0 31,0 30.0 30,0 29.0 29,0 49.6% 49,6% 50,3% 50.0% 50.3%50,0% 25.0 25,0 40.0% 40,0% (US$ billion) 20.0 20,0 19.0 19,0 19.3 19,3 31.9% 31,9% 32.0% 32,0% 15.4 16.2 16,2 30.0% 30,0% 15,4 14.6 14,6 15.0 15,0 20.0% 20,0% 10.0 10,0 12.0% 12,0% 5.2 5,2 5.8 5,8 5.0 5,0 21.0% 10,0% 2.6% 2,6% 2.3 2,3 1.8 1,8 0.5 0,5 0.0 0,0 0.0% 0,0% 2005 2006 2007 2008 2009 2010 Total Deal Value Privatizations Ratio to Total Deal Value 1. The figures above do not include SDIF sales, which were most prominent in 2005. 2. The legal process regarding the sugar factories privatization of 2009 is on-going. No adjust- ments have been made.4
    • List of Privatizations 2010 Deal Value # Acquirer Origin Target Sector Stake (US$ million) 1 İşkaya İnşaat San. & MMEKA Makine İthalat Turkey Boğaziçi Elektrik Dağıtım Energy 100.0% 2,990.0 2 Yıldızlar SSS Turkey Toroslar Elektrik Dağıtım Energy 100.0% 2,075.0 3 İşkaya İnşaat San. & MMEKA Makine İthalat Turkey Gediz Elektrik Dağıtım Energy 100.0% 1,920.0 4 MMEKA Makine İthalat Turkey İstanbul Anadolu Yakası Elektrik Energy 100.0% 1,813.0 Dağıtım (AYEDAŞ) 5 MMEKA Makine İthalat Turkey Başkent Doğalgaz Energy 80.0% 1,211.0 6 Park Holding Turkey Akdeniz Elektrik Dağıtım Energy 100.0% 1,165.0 7 Limak Holding Turkey Uludağ Elektrik Dağıtım Energy 100.0% 940.0 8 Aksa Elektrik Turkey Trakya Elektrik Dağıtım Energy 100.0% 622.0 9 Limak Holding Turkey İskenderun Limanı Infrastructure N/A 372.0 10 Kolin İnşaat Turkey Çamlıbel Elektrik Dağıtım Energy 100.0% 258.5 11 Aksa Elektrik Turkey Fırat Elektrik Dağıtım Energy 100.0% 230.3 12 Karavil Dayanıklı Tüketim Malları & Ceylan İnşaat Turkey Dicle Elektrik Dağıtım Energy 100.0% 228.0 13 Doğuş Holding Turkey Grand Hyatt Istanbul Tourism 100.0% 136.8 14 Aksa Elektrik Turkey Vangölü Elektrik Dağıtım Energy 100.0% 100.1 15 Fırat Enerji Üretim Turkey EÜAŞ Portfolio 7 Energy 100.0% 86.4 16 Kayseri ve Civarı Elektrik Turkey EÜAŞ Portfolio 10 Energy 100.0% 69.7 17 Aksu Enerji Turkey EÜAŞ Portfolio 4 Energy 100.0% 56.1 18 Nema Kimya-Espe Consortium Turkey EÜAŞ Portfolio 18 Energy 100.0% 50.1 19 Yiğitler Enerji Turkey Aydın-Pamukören Jeotermal Energy N/A 48.8 Sahası 20 Nas Enerji Turkey EÜAŞ Portfolio 16 Energy 100.0% 40.8 21 Boydak Enerji Turkey EÜAŞ Portfolio 14 Energy 100.0% 29.1 22 Çelikler İnşaat Turkey Aydın-Sultanhisar Jeotermal Energy N/A 25.6 Sahası 23 Erdem Consortium (Kipaş Mensucat) Turkey Aydın-Nazilli Jeotermal Sahası Energy N/A 20.5 24 Nema Kimya-Espe Consortium Turkey EÜAŞ Portfolio 3 Energy 100.0% 17.4 25 Kisan İnşaat Turkey EÜAŞ Portfolio 19 Energy 100.0% 14.7 26 Kayseri ve Civarı Elektrik Turkey EÜAŞ Portfolio 13 Energy 100.0% 13.8 27 Seba Consortium Turkey EÜAŞ Portfolio 6 Energy 100.0% 13.5 28 İvme Elektromekanik Turkey EÜAŞ Portfolio 9 Energy 100.0% 7.6 29 Ka-Fnih Enerji Turkey EÜAŞ Portfolio 11 Energy 100.0% 7.0 30 Kent Solar Elektrik Turkey EÜAŞ Portfolio 1 Energy 100.0% 6.6 31 Demistaş Doğu Elektrik Turkey EÜAŞ Portfolio 15 Energy 100.0% 6.6 32 Er-Bu İnşaat Turkey EÜAŞ Portfolio 17 Energy 100.0% 6.4 33 Sarar Giyim Turkey EÜAŞ Portfolio 2 Energy 100.0% 5.8 34 Seba Consortium Turkey EÜAŞ Portfolio 8 Energy 100.0% 5.7 35 Fides Reklam Enerji Turkey EÜAŞ Portfolio 5 Energy 100.0% 2.8 Total 14,596.5 5
    • Investor origin While foreign investors’ interest towards Turkey 45 deals by European investors amounted to a has gradually increased over the past decade, total value of US$9.2 billion (including estimates), Turkish investors have truly warmed up to M&A as thereby comprising 88% of foreign investors’ well. Foreign investors generated a deal volume of deal value. Investors from USA, who previously c. US$10.5 billion (including estimates) through 73 struggled with problems at home, seemed to deals. Foreign investors’ contribution to the total be in better spirits and re-focused on investing deal volume, which declined in 2009, was low overseas as they concluded the year with 13 deals. again in 2010 with a level of 36%. The causes of On the other hand, the Gulf region completed this drop are twofold: Firstly, the global financial 9 transactions, half of which were financial crisis hit EU member countries, who are historically investments into the healthcare, food & beverage the most active buyers in Turkey, relatively harder. and breeding sectors. BBVA’s acquisiton of Garanti Secondly, Turkish investors’ interest towards sizable Bank was the largest deal by a foreign investor, privatizations was intense. Excluding privatizations, as well as the largest of 2010. Additionally, there foreign investors’ share in the remaining deal were foreign investors who increased their stakes volume was still above 70%, which signals a in Turkish subsidiaries (6 deals), as well as a few recovery in their interest in Turkey. who sold their stakes and left Turkey (only 3 deals). Fervent Turkish investors materialized their new-found fondness of M&A in 2010. Against foreign investors’ 73 transactions in 2010, Turkish investors made 130 acquisitions worth c. US$18.4 billion, including estimates for deals with undisclosed values, US$14.6 billion of which came from privatizations.6
    • Deal Number Portugal Austria 3 Netherlands 4 5 UK² Other Turkish Investors 6 31 130 Foreign Investors 73 France 6 Germany 6 USA¹ 12Deal Value (US$ million, Disclosed) Austria 1,440 1.440 Czech Republic Spain 406 Turkish Investors 5,838 5.838 Netherlands 16,072 16.072 Foreign Investors 314 9,365 9.365 Japan 286 USA 243 Germany 161 Other 6761. Does not include one joint investment by a U.S. and a Turkish company.2. Does not include one joint investment by a British and a Qatari company. 7
    • Private equity activity After remaining silent in 2009, financial investors Companies operating in the healthcare, signaled they were back on track in 2010, by entertainment and food & beverage sectors were signing 24 deals with a total deal value of c. sought-after M&A targets. We observed some US$850 million including estimates for deals with financial investors joining forces either to bid for undisclosed values. companies or strengthen their portfolios. There was also a small number of financial investors who exited their prior investments; we will witness more exits in 2011. 35.0 35,0 35.0% 35,0% 31.0 31,0 30.0 30,0 30.1% 30,1% 29.0 29,0 30.0% 30,0% 25,0 25.0 25,0% 25.0% on) 20,0 20 0 20.0 19.0 19,0 19 0 19.3 19,3 19 3 20.0% 20,0% 20 0% (U billio 16.2 16,2 US$ 15.0 15,0 11.6% 11,6% 15.0% 15,0% 12.0 12,0% 12.2% 12,2% 10.0 10,0 10.0% 10,0% 4.9 5.8 5,8 58 4,9 5.0 5,0 5.0% 5,0% 0.8% 0,8% 2.2 2,2 2.3 2,3 2.9% 2,9% 0,3 0.3 0.7 0,7 0.9 0,9 0.0 0,0 0,0% 0.0% 2005 2006 2007 2008 2009 2010 Total Deal Value Financial Investor Deals Ratio to Total Deal Value8
    • List of Private Equity Deals Deal Value # Acquirer Origin Target Sector Stake (US$ million) 1 Union Investment Germany Forum Mersin Shopping Center 35.0% 93.0 2 One Equity Partners & Rhea Investments Turkey; USA Nortel Networks Netaş Telecommunications 53.1% 83.7 3 Esas Holding Turkey AFM Uluslararası Film Prodüksiyon Entertainment 88.0% 82.4 4 Investcorp Bahrain Tiryaki Agro Food & Beverage N/D 50.0 5 European Bank for Reconstruction and UK Fiba Sigorta Financial Services 10.0% 33.6 Development (EBRD) 6 IFC USA Şekerbank Financial Services 1.0% 8.3 7 Rhea Investments Turkey Envitec Waste Treatment 33.0% 7.0 8 Templeton Asset Management USA Reysaş GYO Real Estate 5.9% 6.0 9 Rhea Investments Turkey Seta Tıbbi Cihazlar Manufacturing 83.8% 3.2 10 Rhea Investments Turkey Netsafe Bilgi IT 70.0% 0.7 11 Rhea Investments Turkey Dentistanbul Healthcare 100.0% 0.2 12 Bancroft Private Equity UK Kayalar Kimya Chemicals N/D N/D 13 NBK Capital (Swan Holding) Kuwait Dünya Göz Hastanesi Healthcare 30.0% N/D 14 Kerten Ireland House Apart Tourism 50.0% N/D 15 Rhea Investments Turkey Marmara Ferryboats Logistics & 99.0% N/D Transportation 16 Ashmore UK Nezih Kitap Kırtasiye Retail N/D N/D 17 Riverside USA Tropikal Bahçe ve Evcil Hayvan Food & Beverage N/D N/D Ürünleri 18 Tiger Global Management USA DSM Grup İletişim Pazarlama IT N/D N/D (Trendyol.com) 19 Argus Capital Partners & Qatar First UK; Qatar Memorial Health Group Healthcare 40.0% N/D Investment Bank 20 Actera Group Luxembourg Mars Entertainment Group Entertainment 60.0% N/D 21 Turkven Turkey Dominos Pizza in Turkey Food & Beverage 100.0% N/D 22 WNC Kids Holding (Eurasia Capital Partners Netherlands Wenice Kids Retail 50.0% N/D & FMO & Balkan Accession Fund) 23 Esas Holding Turkey Mars Entertainment Group Entertainment N/D N/D 9
    • Deal rankings The largest 5 deals made up c. 51% of the Average deal size in 2010 was c. US$140 million total deal volume in 2010, and the top 10 (c. US$55 million in 2009). Excluding privatizations deals accounted for 69% of the total volume. and the Garanti Bank deal, the average deal size Privatizations stole the spotlight in the top deals of the remainder fell to US$50 million (c. US$35 list. As the largest private sector deal, BBVA’s million in 2009), indicating that mid-cap segment acquisiton of Garanti Bank made up 20% of total deals continue to dominate the Turkish M&A deal value in 2010. scene. On the other hand, valuations have shown signs of recovery and signal a return to pre-crisis levels in 2011. Top 5 Deals Deal Value Acquirer Target Stake Acquired (US$ million) Banco Bilbao Vizcaya Argentaria Türkiye Garanti Bankası 24.9% 5,837.8 İşkaya İnşaat San. & MMEKA Boğaziçi Elektrik Dağıtım 100.0% 2,990.0 Makine İthalat Yıldızlar SSS Toroslar Elektrik Dağıtım 100.0% 2,075.0 İşkaya İnşaat San. & MMEKA Gediz Elektrik Dağıtım 100.0% 1,920.0 Makine İthalat MMEKA Makine İthalat İstanbul Anadolu Yakası Elektrik 100.0% 1,813.0 Dağıtım (AYEDAŞ)10
    • Sectoral overviewM&A activity in the Turkish energy sector Deal Numberoutperformed itself by accomodating 58 deals,33 of which were privatizations. The total value Energy 58of energy transactions exceeded US$16.9 billion Food & Beverage 23including estimates for deals with undisclosed Financial Services 15values, 83% of which came from privatizations. Manufacturing 13Of the 33 energy sector privatizations, there Tourism 11were 18 generation assets of EÜAŞ, 11 electricity Services 10distribution companies, 3 geothermal reserves IT 8and 1 natural gas distribution company subject Chemicals 8to sale. Additionally, on the private sector side, Retail 7there were new entrants to the attractive sector, Healthcare 7as well as foreign strategic players which increased Entertainment 5their stakes in Turkish investments. On the Real Estate 5contrary, financial investors showed no interest Media 4in the energy sector due to regulatory issues, exit Other 29difficulties and perceived risk in sustainability ofmargins. 0 10 20 30 40 50 60Foreign investors’ interest towards Turkish FSInever ceased. Financial services sector hosted Deal Value (Disclosed)one of the largest banking deals in TurkishM&A history, as Spanish BBVA acquired a 25%shareholding in Garanti Bank for a consideration Energy 16,596 16.596of c. US$5.8 billion. There were 14 other deals in Financial Services 6,384 6.384the sector. 95% of the disclosed deal volume was Infrastructure 421generated by the Garanti Bank and Fiba Sigorta Tourism 405deals. Shopping Center 322 Food & Beverage 193Food & beverage, manufacturing, tourism, Entertainment 165and services were other hot sectors in 2010. Services 158Financial investors were especially keen on targets Retail 143operating in the healthcare, entertainment, food Real Estate 132& beverage, financial services, retail and IT sectors. Wholesale & Distribution 117Half of healthcare sector deals were completed by Manufacturing 102financial investors. Other 299 0 5,000 5.000 10,000 10.000 15,000 15.000 20,000 20.000 (US$ million) 11
    • Prospects As foreseen in last year’s review, 2010 was indeed Foreign investors’ appetite towards Turkey is a year of gradual recovery in the financial markets. expected to increase in 2011, leading them to Domestic and foreign investors, as well as Turkish re-claim a higher stake in the deal volume. sellers were able to act more confidently as their perception regarding the future was altered for Energy, healthcare, pharmaceuticals, retail, media, the better. education and automotive parts will be sectors hosting significant activity. As 2011 begins, we observe that all investors have begun to view Turkey as a country they must Private equity firms will invest much more in 2011. invest in, rather than a country they consider Furthermore, we will see more exits. investment-worthy. Today, for the first time, the upcoming general election is not perceived as a The investment enthusiasm towards Turkey will potential risk by investors. While investors foster a hike up valuations, driving multiples back to heart-felt belief in the growth potential of Turkey; pre-crisis levels. they also closely monitor macro indicators such as the current account deficit, budget deficit, per Provided that privatizations are run successfully, capita borrowing and the value of the Turkish we expect the deal volume in 2011 to exceed the Lira. Expectations regarding the economy and the US$20 billion level. credit rating upgrade are also positive influences, supporting investors’ perception. As a result of all, we expect a high volume of M&A in 2011. Nonetheless, given a successful privatization program in 2011, a significant portion of the deal volume in 2011 would come from privatizations again. State-owned assets such as IDO (Istanbul Fast Ferries), IGDAŞ, Electricity Generation Assets, Sugar Factories, Bridges and Highways, Galataport and National Lottery are all subject to sale.12
    • Deal list(January 1 – December 31) Deal Value # Acquirer Origin Target Sector Stake (US$ million) 1 Banco Bilbao Vizcaya Argentaria Spain Türkiye Garanti Bankası Financial Services 24.9% 5,837.8 2 İşkaya İnşaat San. & MMEKA Makine İthalat* Turkey Boğaziçi Elektrik Dağıtım Energy 100.0% 2,990.0 3 Yıldızlar SSS Turkey Toroslar Elektrik Dağıtım Energy 100.0% 2,075.0 4 İşkaya İnşaat San. & MMEKA Makine İthalat* Turkey Gediz Elektrik Dağıtım Energy 100.0% 1,920.0 5 MMEKA Makine İthalat Turkey İstanbul Anadolu Yakası Energy 100.0% 1,813.0 Elektrik Dağıtım (AYEDAŞ) 6 OMV Austria Petrol Ofisi Energy 54.2% 1,397.1 7 MMEKA Makine İthalat Turkey Başkent Doğalgaz Energy 80.0% 1,211.0 8 Park Holding Turkey Akdeniz Elektrik Dağıtım Energy 100.0% 1,165.0 9 Limak Holding Turkey Uludağ Elektrik Dağıtım Energy 100.0% 940.0 10 Aksa Elektrik* Turkey Trakya Elektrik Dağıtım Energy 100.0% 622.0 11 Energo-Pro Czech Aralık HEPP, Hamzalı HEPP & Energy 100.0% 405.9 Republic Reşadiye Cascade 12 Limak Holding Turkey İskenderun Limanı Infrastructure N/A 372.0 13 Sompo Japan Insurance Japan Fiba Sigorta Financial Services 93.4% 286.4 14 Kolin İnşaat Turkey Çamlıbel Elektrik Dağıtım Energy 100.0% 258.5 15 SGM Enerji Turkey Bis Enerji Energy 50.0% 250.0 16 Aksa Elektrik Turkey Fırat Elektrik Dağıtım Energy 100.0% 230.3 17 Corio Netherlands Bursa Anatolium Shopping Center 100.0% 229.0 18 Karavil Dayanıklı Tüketim Malları & Ceylan İnşaat Turkey Dicle Elektrik Dağıtım Energy 100.0% 228.0 19 Turk Tur Turkey Marmaris Imperial, Bodrum Tourism N/A 145.0 Imperial and Belek Waterworld 20 Doğuş Holding Turkey Grand Hyatt Istanbul Tourism 100.0% 136.8 21 AES USA Entek Elektrik Energy 49.6% 136.5 22 Kamil Engin Yeşil Turkey Ceylan Giyim Retail 92.0% 100.8 23 Aksa Elektrik Turkey Vangölü Elektrik Dağıtım Energy 100.0% 100.1 24 Akfen Holding Turkey Akfen GYO Real Estate 32.5% 97.8 25 TransAtlantic Worldwide Canada Zorlu Petrogas and Amity Oil Energy 100.0% 96.5 International 26 Dosu Maya Turkey Akmaya Food & Beverage 100.0% 94.0 27 Union Investment Germany Forum Mersin Shopping Center 35.0% 93.0 28 Groupe Cheque Dejeuner France Multinet Kurumsal Hizmetler Services 100.0% 90.0 29 Fırat Enerji Üretim Turkey EÜAŞ Portfolio 7 Energy 100.0% 86.4 30 Credit Europe Bank N.V. Netherlands Millenium Bank Financial Services 95.0% 85.0 31 One Equity Partners & Rhea Investments Turkey; USA Nortel Networks Netaş Telecommunications 53.1% 83.7 32 Esas Holding Turkey AFM Uluslararası Film Entertainment 88.0% 82.4 Prodüksiyon 33 Mars Entertainment Group** Turkey AFM Uluslararası Film Entertainment 88.0% 82.4 Prodüksiyon 34 Luxottica Group Italy Luxottica Gözlük Wholesale & 35.2% 75.3 Distribution 35 Fortis Finansal Kiralama Turkey TEB Finansal Kiralama Financial Services 90.0% 72.9 36 Kayseri ve Civarı Elektrik Turkey EÜAŞ Portfolio 10 Energy 100.0% 69.7(*) The acquirer might change in either one of the Boğaziçi, Gediz and Trakya electricity distribution privatizations pending the relatedCompetition Authority decision.(**) Esas Holding’s acquisition of Mars Entertainment and Mars Entertainment’s acquisiton of AFM Uluslararası Film Prodüksiyon are part of asingle deal pending the related Competition Authority decision. 13
    • Deal Value # Acquirer Origin Target Sector Stake (US$ million) 37 Dabur India Hobi Group Manufacturing 100.0% 69.0 38 Ströer Group Germany Ströer Kentvizyon Services 40.0% 68.0 39 Ipragaz Turkey Yıldırım Petrol (ExEnGaz) Energy 100.0% 67.0 40 Grupo Auto Sueco Portugal Volvo Otomotiv Turk (ASC Automotive & 100.0% 62.7 Turk Makina) Parts 41 Alarko Holding Turkey Altek Alarko Elektrik Santralları Energy 50.0% 58.5 42 Aksu Enerji Turkey EÜAŞ Portfolio 4 Energy 100.0% 56.1 43 Nema Kimya-Espe Consortium Turkey EÜAŞ Portfolio 18 Energy 100.0% 50.1 44 Nu Star Energy LP USA S-Oil (Terminals) & Aves Energy 75.0% 50.0 (Terminals) 45 Investcorp Bahrain Tiryaki Agro Food & Beverage N/D 50.0 46 Global Liman İşletmeleri Turkey Ortadoğu Antalya Liman Infrastructure 60.0% 49.3 İşletmeleri 47 Yiğitler Enerji Turkey Aydın-Pamukören Jeotermal Energy N/A 48.8 Sahası 48 Redington Ltd. USA Arena Bilgisayar Wholesale & 49.4% 42.0 Distribution 49 Nas Enerji Turkey EÜAŞ Portfolio 16 Energy 100.0% 40.8 50 Grupo Onyria Portugal Carpe Diem Claros Hotel Tourism 57.0% 34.8 51 European Bank for Reconstruction and UK Fiba Sigorta Financial Services 10.0% 33.6 Development (EBRD) 52 Altaş Şirketler Grubu Turkey Ordu Yağ Sanayi Food & Beverage 100.0% 33.1 53 Kerim Çelik (Borusan Holding) Turkey Borçelik Çelik Iron & Steel 9.3% 33.0 54 CarrefourSA Carrefour Sabancı Turkey Ipek Giyim Mağazaları Retail 100.0% 29.6 55 Boydak Enerji Turkey EÜAŞ Portfolio 14 Energy 100.0% 29.1 56 Doğuş Holding Turkey Doğuş GE GYO Real Estate 25.5% 28.0 57 BankMed Lebanon Turkland Bank Financial Services 9.0% 26.0 58 Çelikler İnşaat Turkey Aydın-Sultanhisar Jeotermal Energy N/A 25.6 Sahası 59 Mahmut Çevik (Private Investor) Turkey Taksim Savoy Hotel Tourism 100.0% 25.0 60 İş GYO Turkey Club Magic Life Kemer Tourism N/A 25.0 Imperial Hotel 61 Mondi Austria Mondi Tire Kutsan Packaging 1.9% 23.3 62 Erdem Consortium (Kipaş Mensucat) Turkey Aydın-Nazilli Jeotermal Sahası Energy N/A 20.5 63 Vienna Insurance Group Austria Ray Sigorta Financial Services 10.0% 20.1 64 Enka İnşaat & Çimtaş Turkey Soli Gemi İnşaat Shipbuilding 100.0% 20.0 65 Aksa Enerji Turkey Rasa Enerji Energy 100.0% 18.1 66 Nema Kimya-Espe Consortium Turkey EÜAŞ Portfolio 3 Energy 100.0% 17.4 67 Yıldız Entegre Ağaç Sanayi Turkey Masstaş Mudurnu Abant Manufacturing 50.0% 15.5 Sunta 68 Al - Maselah Qatar Munamar Hotel Tourism 100.0% 15.0 69 Kisan İnşaat Turkey EÜAŞ Portfolio 19 Energy 100.0% 14.7 70 Kayseri ve Civarı Elektrik Turkey EÜAŞ Portfolio 13 Energy 100.0% 13.814
    • Deal Value# Acquirer Origin Target Sector Stake (US$ million) 71 Açılım İnşaat Turkey Ege Palas Hotel Tourism 100.0% 13.6 72 Seba Consortium Turkey EÜAŞ Portfolio 6 Energy 100.0% 13.5 73 Aksa Enerji Turkey Idil Iki Enerji Sanayi Energy 100.0% 11.6 74 Asseco South Eastern Europe Poland ITD IT 99.7% 11.3 75 Marsan Holding (Mert Çiller) Turkey Inka Hotel Tourism 100.0% 10.0 76 Kardemir Karabük Demir Çelik Turkey Enbatı Elektrik Üretim Energy 100.0% 10.0 77 Eczacıbaşı Yatırım Holding Turkey Atlı Zincir İğne Factory Manufacturing N/A 9.5 78 Koza Altın Turkey Newmont Altın Madencilik Mining 100.0% 8.5 79 Şekerbank Turkey Şeker Mortgage Finansman Financial Services 51.0% 8.4 80 IFC USA Şekerbank Financial Services 1.0% 8.3 81 Beks Çorap Turkey Dünya Halı Textile 100.0% 8.2 82 Migros Türk Turkey Ades Gıda Sanayi Retail 100.0% 8.1 83 Hygeia Greece JFK Kennedy, Istanbul Şafak Healthcare N/D 8.0 and Göztepe Şafak Hospitals 84 İvme Elektromekanik Turkey EÜAŞ Portfolio 9 Energy 100.0% 7.6 85 Astra Polymers Saudi Arabia Constab Middle East Polimer Chemicals 100.0% 7.4 86 Ka-Fnih Enerji Turkey EÜAŞ Portfolio 11 Energy 100.0% 7.0 87 Rhea Investments Turkey Envitec Waste Treatment 33.0% 7.0 88 Olmuksa International Paper Turkey DS Smith Copikas Packaging 100.0% 6.8 89 Statkraft Norway Yeşil Enerji Energy 5.0% 6.7 90 Kent Solar Elektrik Turkey EÜAŞ Portfolio 1 Energy 100.0% 6.6 91 Ihlas Holding Turkey Kristal Kola Food & Beverage 38.0% 6.6 92 Demistaş Doğu Elektrik Turkey EÜAŞ Portfolio 15 Energy 100.0% 6.6 93 Er-Bu İnşaat Turkey EÜAŞ Portfolio 17 Energy 100.0% 6.4 94 Templeton Asset Management USA Reysaş GYO Real Estate 5.9% 6.0 95 Sarar Giyim Turkey EÜAŞ Portfolio 2 Energy 100.0% 5.8 96 Seba Consortium Turkey EÜAŞ Portfolio 8 Energy 100.0% 5.7 97 Anadolu Efes Turkey Tat Yenişehir Facilities Food & Beverage N/A 5.3 98 NTV Avrupa Yayıncılık Turkey Radyo 5 Media N/A 5.2 99 Tüdaş Ödeme Sistemleri Turkey Desmer Financial Services 87.8% 4.8100 Aydoğan Boya Turkey Meges Boya Chemicals N/A 4.2101 Brisa Bridgestone Turkey Bandag Lastik Manufacturing 100.0% 3.6102 Asseco South Eastern Europe Poland Elektronik Sanal Ticaret IT 100.0% 3.3 Bilişim Hizmetleri (EST)103 Rhea Investments Turkey Seta Tıbbi Cihazlar Manufacturing 83.8% 3.2104 Mechel Steel Group Russia Ramateks Iron & Steel 100.0% 3.0105 Fides Reklam Enerji Turkey EÜAŞ Portfolio 5 Energy 100.0% 2.8106 Migros Türk Turkey Egeden Gıda Retail 100.0% 2.7107 Migros Türk Turkey Amaç Gıda Retail 100.0% 2.2108 Ihlas Holding Turkey Atmaca Gıda Üretim Food & Beverage 27.0% 1.9109 Atlı Zincir İğne Turkey Eczacıbaşı Yatırım Holdings Manufacturing 30.0% 1.4 stake in Atlı Zincir İğne110 Vestel Elektronik Turkey Cabot İzmir Yazılım IT 58.0% 1.1 15
    • Deal Value # Acquirer Origin Target Sector Stake (US$ million) 111 Ali Haydar Güçlü Turkey Frigo-Pak Gıda Food & Beverage 31.4% 0.8 112 Doysan Tarım Turkey Frigo-Pak Gıda Food & Beverage 31.4% 0.8 113 Rhea Investments Turkey Netsafe Bilgi IT 70.0% 0.7 114 Metis Yatırım Holding Turkey Şeker Bilişim Sanayi IT 98.0% 0.6 115 Dost Radyo TV Turkey Le Chic FM Radyo Media N/A 0.5 116 Euro Menkul Kıymetler Turkey Euro Sigorta (former Toprak Financial Services 3.7% 0.5 Sigorta) 117 Aselsan Turkey Mikroelektronik Araştırma IT 85.0% 0.4 118 Ihlas Holding Turkey Kristal Gıda Food & Beverage 62.0% 0.3 119 Rhea Investments Turkey Dentistanbul Healthcare 100.0% 0.2 120 Istanbul Doors Turkey Hakkasan Istanbul Entertainment 100.0% N/D 121 Nazlı Gıda Turkey Seykar Gıda Food & Beverage 75.0% N/D 122 Aymar Turkey Çapamarka Food & Beverage 100.0% N/D 123 Aymar Turkey Bozkurt Reçelleri Food & Beverage 100.0% N/D 124 Aymar Turkey Vita Yağ Food & Beverage 100.0% N/D 125 Bancroft Private Equity UK Kayalar Kimya Chemicals N/D N/D 126 NBK Capital (Swan Holding) Kuwait Dünya Göz Hastanesi Healthcare 30.0% N/D 127 Turen Enerji Turkey Essentium Enerji Energy 50.0% N/D 128 Enerjisa Turkey Two hydropower projects Energy 100.0% N/D 129 Kayalar Kimya Turkey Kayalar Meffert Boya Chemicals 50.0% N/D 130 Cogentrix USA Eti Elektrik Energy 50.0% N/D 131 Grupo Onyria Portugal Begonvil Turizm Tourism N/D N/D 132 Kerten Ireland House Apart Tourism 50.0% N/D 133 Hedef Filo Kiralama Turkey Gedizler Filo Kiralama Services 100.0% N/D 134 Akenerji Turkey İçkale Enerji Energy 100.0% N/D 135 Mehmet Soyupak and Sami Ülkü (Private Turkey Tokat Sigara Fabrikası Tobacco N/A N/D Investors) 136 Teleperformance France Metis Services 75.0% N/D 137 Acıbadem Sağlık Hizmetleri Turkey Konur Sağlık Hizmetleri Healthcare 50.0% N/D 138 Türkiye Tarım Kredi Kooperatifleri Merkez Birliği Turkey Güven Süt Fabrikası Food & Beverage N/A N/D 139 Rhea Investments Turkey Marmara Ferryboats Logistics & 99.0% N/D Transportation 140 Koza Altın Turkey Ovacık Gold Reserve Mining N/A N/D 141 A group of Turkey based investors Turkey ABK Enerji Elektrik Üretim Energy 100.0% N/D 142 Özkardeş Grup Turkey Framissima Boyalık Beach Tourism 100.0% N/D Hotel 143 Bunge Bermuda Doysan Seed Plant Food & Beverage N/A N/D 144 Petroline Turkey SABIC Polimer Endüstrisi Chemicals 70.0% N/D 145 X-Trade Brokers Poland Hedef Menkul Değerler Financial Services 100.0% N/D 146 Tab Gıda Turkey Çelebi Hizmet Restorant Food & Beverage 100.0% N/D (Arbys Chain in Turkey) 147 Ashmore UK Nezih Kitap Kırtasiye Retail N/D N/D 148 Milan Petrol Turkey M Oil Energy 70.0% N/D16
    • Deal Value # Acquirer Origin Target Sector Stake (US$ million)149 Fritz Egger Austria Roma Plastik Manufacturing 71.5% N/D150 Turkey Properties Turkey Aland Emlak Real Estate N/D N/D151 Sofra Hazır Yemek Turkey Damak Hazır Yemek Services 50.0% N/D152 STFA Holding Turkey Energaz Energy 47.0% N/D153 Ova Taşıt Turkey Yalı Taşıt Services 100.0% N/D154 Ali Akman Turkey Petroline Chemicals 99.0% N/D155 Legrand France Inform Elektronik Manufacturing 100.0% N/D156 TEB Mali Yatırımlar Turkey Fortis Bank Financial Services 100.0% N/D157 Greif USA Ünsa Ambalaj Packaging N/D N/D158 Riverside USA Tropikal Bahçe ve Evcil Food & Beverage N/D N/D Hayvan Ürünleri159 Alliance Boots UK Hedef Alliance Holding Pharmaceuticals 10.0% N/D160 BNP Paribas France Fortis Emeklilik ve Hayat Financial Services 100.0% N/D161 TOBB & TOBB-ETÜ Turkey Mesa Hospital (Söğütözü, Healthcare N/A N/D Ankara)162 Kerevitaş Gıda Turkey Mersu Su Ürünleri Food & Beverage 100.0% N/D163 Kerevitaş Gıda Turkey Ancoker Su Ürünleri Food & Beverage 45.0% N/D164 Tiger Global Management USA DSM Grup İletişim Pazarlama IT N/D N/D (Trendyol.com)165 Incitec Pivot Australia Nitromak DNX Kimya Manufacturing 50.0% N/D166 Argus Capital Partners & Qatar First Investment UK; Qatar Memorial Health Group Healthcare 40.0% N/D Bank167 Boydak Holding Turkey Nisan Elektromekanik Energy 50.0% N/D168 Actera Group Luxembourg Mars Entertainment Group Entertainment 60.0% N/D169 Turkven Turkey Dominos Pizza in Turkey Food & Beverage 100.0% N/D170 Hamza Doğan Turkey Doğal Elektrik Üretim Energy 80.0% N/D171 Baalbaki Group Lebanon Depur Kimya Chemicals N/A N/D172 Havas – Euro RSCG Worldwide France Project House Media 51.0% N/D173 Knauf International Germany Mina Alçı Building Materials 64.0% N/D174 Imtech Netherlands Elkon Elektrik Manufacturing 100.0% N/D175 Boydak Holding Turkey Bizim Menkul Değerler Financial Services 50.0% N/D176 Boydak Holding Turkey Muradiye Elektrik Energy 70.0% N/D177 Befesa Medio Ambiente Spain Metoks Madencilik Metalurji Mining N/D N/D178 RPM Building Solutions USA Park Dış Ticaret Building Materials N/D N/D179 GE Energy USA Artesis IT N/D N/D180 Kronospan Holdings UK SFC Entegre Orman Ürünleri Manufacturing N/D N/D and Baks Batı Kimya181 DSM Composite Resins Switzerland DYO Boyas Unsaturated Chemicals N/A N/D Polyester (UP) resins business182 WNC Kids Holding (Eurasia Capital Partners & Netherlands Wenice Kids Retail 50.0% N/D FMO & Balkan Accession Fund)183 Fresenius Germany Diamed Diyaliz Hizmetleri Healthcare 90.0% N/D184 Groupe Hamelin France Derya Büro Malzemeleri Manufacturing 70.0% N/D185 Nokia Siemens Networks Finland IRIS Telecom Telecommunications 100.0% N/D 17
    • Deal Value # Acquirer Origin Target Sector Stake (US$ million) 186 Tevhit Karakaya Turkey Star Medya Yayıncılık and Media 51.0% N/D Kanal 24 187 United Business Media UK Rotaforte Services 65.0% N/D 188 Ajans Press Turkey PRNet Halkla Ilişkiler Services 100.0% N/D 189 Henry Schein USA Güney Diş Deposu Wholesale & 50.0% N/D Distribution 190 HNA Group (China) & Bravia Capital Partners China myTECHNIC Services N/D N/D (USA) 191 Tecpesa Spain Kartek-Mekaser Danışmanlık Services 100.0% N/D Enerji 192 Esas Holding** Turkey Mars Entertainment Group Entertainment N/D N/D 193 Yıldız Holding Turkey Marsan Gıda Food & Beverage N/D N/D 194 ECE Projektmanagement Germany ECE Türkiye Proje Yönetim Real Estate 48.0% N/D 195 Accell Group Netherlands Bianchi Bisiklet Manufacturing 100.0% N/D 196 Eckes-Granini Germany Eden Meyve Suyu Food & Beverage 50.0% N/D 197 Ergun Bal Turkey Damla Su Enerji Energy 85.0% N/D 198 NBK Capital Kuwait Kılıç Deniz Ürünleri Agriculture & 20.0% N/D Breeding 199 Nuh Enerji Turkey Kudret Enerji Energy 90.0% N/D 200 Nuh Enerji Turkey Pamuk Elektrik Energy 100.0% N/D 201 Palmali Grubu Turkey Yalıkavak Marina Infrastructure 100.0% N/D 202 Aramex UAE Aramex International Hava Logistics & 50.0% N/D Kargo Transportation 203 Nestlé Turkey Turkey Doğan Gıda and Balaban Food & Beverage 51.0% N/D Gıda(**) Esas Holding’s acquisition of Mars Entertainment and Mars Entertainment’s acquisiton of AFM Uluslararası Film Prodüksiyon are part of asingle deal pending the related Competition Authority decision.18
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