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The number of merger and acquisition (M&A) transactions in Turkey’s energy industry edged up to 30 in 2024 from 29 in 2023, according to the annual “M&A activity in Turkey’s Energy Market” report by PricewaterhouseCoopers International Limited (PwC).
The overall volume of the transactions, however, declined by 44% y/y to $1bn last year from $1.8bn in 2023 while the average deal size shrank by 47% y/y to $33mn.
Except for the two deals in the oil and gas segment (no values disclosed), all of the 2024 deals targeted utility assets. The deals broke the pattern of previous years in which the utility deal space was dominated by renewables, as transactions in the natural gas distribution segment made up most of the total value, the PwC report noted.
One of the two deals in the oil and gas segment was the sale of fuel retailer TP Petrol. On January 7, Zeren Group Yatirim Holding said that it had cancelled the acquisition of TP Petrol Dagitim from Zulfikarlar Holding.
All deals in the Turkish energy industry in 2024 were between domestic players, according to the report.
A significant recovery in the Turkish energy deal space may not be seen over the short term, according to PwC.
On January 7, the Turkish competition board’s annual M&A report showed that the regulator in 2024 approved 137 M&A transactions in which Turkey-based companies were the subject of acquisition.
Table: Major energy deals in Turkey in 2024.
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