M&A Market in Turkey トルコの投資環境

2018年9月27日

青木雄一 シニアアドバイザー

トルコ共和国大統領府投資局

PRESIDENCY OF THE REPUBLIC OF TURKYE

INVESTMENT OFFICE

M&A transactions in Turkey

16.2

5.2

17.3

15.0

22.0

17.5 18.0 16.4

7.3

10.3 119

101

190

237 253

215

234 245 246

298

0

50

100

150

200

250

300

350

0

5

10

15

20

25

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Deal Volume Deal Number

Deal Volu

me (

$ B

illio

n)

Deal N

um

ber

Estimates for undisclosed values included.

2.4 3.0

6.9

3.9

9.0

12.3

10.1

4.9

3.5

4.8

13.8

2.2

10.4

11.1

13

5.3

7.9

11.5

3.8

5.5

85

43

60

74

59

30

44

70

52 53

0

10

20

30

40

50

60

70

80

90

0

2

4

6

8

10

12

14

16

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Turkish Investors Foreign Investors Foreign Share (%)

Fore

ign I

nvest

or

Share

(%

)

Deal Volu

me (

$ B

illio

n)

Source: Deloitte Annual Turkish M&A Review 2017. Estimates for undisclosed values included.

M&A transactions by investor origin

M&A transactions by the geographical regions of the buyers

19

31

55

25

20

5

16

31 29

39

13

4 1

5 7

0

10

20

30

40

50

60

2015 2016 2017

Europe N.America Asia Pacific Gulf Other

Source: Deloitte Annual Turkish M&A Review 2017. Estimates for undisclosed values included.

Share

in t

he v

olu

me b

y t

he int’l buyers

%

M&A transactions by the investor countries

31

14

20 18

10

13

9 8

12

2 4

5

2 3 3 0

5

10

15

20

25

30

35

2015 2016 2017

QATAR

QATAR

USA

USA

USA

CH

INA

MALA

YSIA

JAPAN

JAPAN

S.K

OREA

UK

NETH

ERLA

ND

S

SPAIN

AU

STRALIA

BR

AZIL

Source: Deloitte Annual Turkish M&A Review 2017. Based on the disclosed values.

Share

in t

he v

olu

me b

y t

he int’l buyers

%

2346

1155 1059

718

421 306

205 197 193 142 119 109 102

0

500

1000

1500

2000

2500

Source: Deloitte Annual Turkish M&A Review 2017. Based on the disclosed values.

Deal Volu

me (

$ M

illio

n)

M&A transactions by sectors in 2017

Deal Volume Deal Number Share in Deal

Number Share in Deal

Volume

Over $500M 3 1 31

Between $250-500M 6 2 20

Between $100-250M 17 6 21

Between $50-100M 22 7 13

Between $10-50M 64 22 12

Less than $10M 186 62 3

Total 298 100 100

Source: Deloitte Annual Turkish M&A Review 2017.

Estimates for undisclosed values included.

All

transa

ctio

ns.

M&A transactions by deal size ranges 2017

Top 5 Transactions by the Int’l Investors (Based on the disclosed values):

17.5 18.0

16.4

7.3

10.3

2.1 2.1 3.1

1.6 2.6

12 12

19

22

25

0

5

10

15

20

25

30

0

2

4

6

8

10

12

14

16

18

20

2013 2014 2015 2016 2017

Total Deal Volume Financial Investor Volume Financial Investor Share (%)

Fin

anci

al In

vest

or

Share

(%

) 35 36 52 100

146

Deal Number

Deal Volu

me (

$ B

illio

n)

Source: Deloitte Annual Turkish M&A Review 2017. Estimates for undisclosed values included.

Financial Investor Activity in the M&A Transactions

Type of Financial Investors in the Financial M&A Transactions

85

65

74

56

83

0 3 2

10

4

15

32

24

34

13

0

10

20

30

40

50

60

70

80

90

2013 2014 2015 2016 2017

Private Equity (%) VC & Angel (%) Other (%) (*)

Share

in t

he v

olu

me b

y t

he fin

anci

al in

vest

ors

%

Source: Deloitte Annual Turkish M&A Review 2017. Estimates for undisclosed values included. (*): Development Bank + Private Investor

Private Equity Deal Number and Value

1785

1365

2294

896

2158

25

15

20

24

20

0

5

10

15

20

25

30

0

500

1000

1500

2000

2500

2013 2014 2015 2016 2017

PE Deal Volume

PE D

eal N

um

ber

Deal Volu

me (

$ B

illio

n)

Source: Deloitte Annual Turkish M&A Review 2017. Estimates for undisclosed values included.

Some of the Private Equity Firms invested in Turkey

Financial Investor Exits in 2017

Seller Target Acquirer

500 Startups Adphorus Sojern Inc.

Aabar Investments Banvit Q.I.A., BRF SA

Aerium İçerenköy Shopping C.

Gülaylar Group

BC Partners Migros Anadolu Endüstri Holding

Bedminster Capital Propak Ambalaj Polinas Plastik

Darby Private Equity

Hisarlar Mahindra & Mahindra

Eastgate Capital Fabeks (Silk&Cashmere)

Zamanpur Family

Pera Capital Partners

FU Diffusion Capital Partners

Turkven Mavi Public offering investors

Turkven Domino's Turkey Public offering investors

Turkven Doğtaş Public offering investors

Some of the latest transactions in Turkey;

Bunge Ltd (Netherlands) acquired %55 stake of seed oil company Ana Gıda AŞ.

BRF (Brazil) acquired %79 stake of Turkey’s largest poultry company Banvit AŞ

Vitol (Netherlands) acquired Petrol Ofisi AŞ from OMV (Austria)

Ajinomoto (Japan) acquired the remaining %50 stake in food company Kükre Gıda after it acquired the first half in 2013.

Mahindra (India) acquired another Turkish farm eqipment company Erkunt Traktor AŞ

BBVA (Spain) acquired %9,95 stake of Garanti Bankası and increased its share in the bank to %49,85

Mahindra (India) acquired %75 stake of farm equipment company Hisarlar Makina AŞ

Hamburger Recycling Group (Austria) acquired Turkish paper mill Kastaş AŞ

Hanwha (S.Korea) – Kalyon (TR) won Turkey’s 1 GW/Solar tender.

Siemens (Germany) won Turkey’s 1 GW/Wind tender.

Coca Cola Turkey opened its 10th factory in İsparta

LM Windpower (Danish wind turbine blade manufacturer acquired by GE), started production in Bergama, İzmir.

The Bank of China has been granted a license to operate in Turkey and became the second Chinese bank to operate in Turkey after Industrial and Commercial Bank of China (ICBC)

German trailer producer Schmitz Cargobull started production in Sakarya.

Austrian paper mill Hamburger Containerboardannounced a green field investment in Kütahya.

Mitsubishi Electric Corp opened its new plant to produce air-conditioners in Turkey's western province of Manisa.

DFDS (Denmark) acquired Turkish sea freight companu UN RORO

Social game developer Zynga (US) has acquired the Turkish game developer Gram Games

France-based Chimirec Group opened a facility in Kocaeli for collection and treatment of hazardous industrial waste.

German Thyssen Group opened an escalator factory in Kocaeli.

Actera (UK based PE) acquired majority stake of packaging company Korozo AŞ

Abraaj (Dubai based PE) acquired the logistics company Netlog AŞ

IFM Investors (Australia based Infrastructure fund) acquired %40 stake of Mersin International Port

Abraaj (Dubai based PE) acquired Turkey’s largest online ticket sale company Biletall.

Leading Turkish PE acquired Turkish courier and express parcel delivery company MNG Kargo

Mediterra Capital partners, acquired 51% stake at Tavuk Dunyasi, Turkish restaurant chain

Actera (UK based PE) acquired Turkish personal care products retailer Gratis

2017-Q1

2017-Q2

2017-Q3

2017-Q4

2018-Q1

2018-Q2

Strategic M&As;

Financial M&As;

Greenfield Investments;

Thank you…

PRESIDENCY OF THE REPUBLIC OF TURKYE

INVESTMENT OFFICE