Annual Turkish M&A Review 2008 |
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2008 appeared to be the fourth consecutive year with sizable M&A activity in Turkey. Privatizations amounting to c. US$7 billion helped reach the US$18.4 billion level this year. Nevertheless, with the impact of the massive global financial crisis, the deal volume in the last quarter was 60% lower than the same period last year. Not only did M&A activity contract towards the end of the year, but some previously signed deals fell through or announced deals were not closed yet. Almost 20% of the annual deal volume (c. US$4 billion) arose from deals announced in earlier months of the year, but not closed yet as of year end.
The outlook for the Turkish M&A environment in 2009 is not promising. Out of 172 transactions in 2008, 86 had a disclosed deal value, adding up to US$16.3 billion. Considering the anticipated value of deals with undisclosed values, total M&A volume was around US$18.4 billion in 2008. (2007 full year c. US$20.5 billion). Excluding privatizations, which accounted for 38% of the deal volume in 2008, the y-o-y decrease was c. 30%.
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Annual Turkish M&A Review 2008
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