Page 35 - TURKRptSep22

As a country almost entirely dependent on imports for gas and oil, Turkey is suffering from the huge growth in energy prices.
The government subsidises energy prices. Exporters rely on price competition. As a result, Turkey’s export activity simply produces a trade deficit. More exports mean a bigger trade deficit.
Under normal conditions, the trade deficit is deducted from GDP. However, Turkey has been reporting a positive contribution from external trade for about two decades.
By 2018, the finance industry was praising Turkey’s “magical” growth performance while asking for higher returns to finance the booming trade deficit.
In 2018, Erdogan decided not to pay positive returns to the finance industry. Since then, his regime has been sinking.
Now, as a country very much reliant on Western consumers with strong purchasing appetite, Turkey’s fortunes are souring even further as the European consumer suffers the destruction of their disposable income.
5.2 FDI
Major M&As in Turkey
Date
Sold
Stake
Price
Buyer
Seller
Aug-22
Goztepe
70%
-
Sport Republic (UK, Solak/Serbia, Ankersen/Denmark)
Mehmet Sepil
Aug-22
Egeli Egesan
75%
-
Tyrolit (Austria)
-
Sep-22
Dagalti
100%
-
Azelis (Brussels/AZE)
-
Aug-22
Halilaga Gold Mine
40%
$22mn
Cengiz
Liberty (Toronto/LGD)
Aug-22
Aztek (AZTEK)
25%
TRY273mn
IPO
Owners
Aug-22
Hidropar (HKTM)
34%
TRY132mn
IPO
Owners
Aug-22
Kalyon Enerji
50%
$490mn
IHC (Abu Dhabi/IHC)
Kalyon Holding
Aug-22
Agave Games
-
$7mn
Balderton, Felix, 500 Istanbul
Seed round
Jul-22
Sakarya EDAS (Akcez)
50%
-
Baskentgaz (BASGZ) - Torunlar Group
CEZ (Prague/CEZ)
Jul-22
Noriel (Romania)
full
-
Sunman (Toyzz)
Enterprise Investors (Poland)
Jul-22
Appsilon Scientific
-
€13mn
Esas Ventures
Venture round
2025
Mayen Telekomunikasyon
20%
CALL OPTION
Majorel (Amsterdam/MAJ)
Oktay Erciyaz,Soner Cesur
H1-2023
PowerDev (US)
PLAN
PLAN
PLAN
Funding round
Q1-2023
Bankhaus J. Faisst (Germany)
100%
€9mn
Yapi Kredi (YKBNK)
Astrid Ines Faisst, Johannes Michael Ludwig, Peter Ludwig
Dec-22
SISE/TSKB/ANHYT/ISFIN/I SGYO/ISMEN
-
TRY1bn
Isbank (ISCTR)
buyback
Dec-22
Tiplay Studio
PLAN
$10mn
PLAN
PLAN
2022
Massive Bio (US)
TARGET
$30mn
TARGET
Series B
2022
PackUpp
PLAN
PLAN
PLAN
New funding round
2022
Navlungo
CLOSING
$1mn
CLOSING
CLOSING
35 TURKEY Country Report September 2022 www.intellinews.com