Turkiye has long had one of the lowest non-performing loan (NPL) rates in Europe, but recent years have seen some ups and downs. Between 2017 and 2020, the rate fluctuated between 3.25% and 3.46%. During the pandemic, the rate dropped significantly as borrowers benefited from extended loan payment schedules. Thereafter, the rate rose briefly before falling below the European Union average of 2.27% in 2023. Since the beginning of 2024, however, rising interest rates have pushed the NPL rate back up, to 1.71%. Experts expect the rate to rise to 2.5% by the end of the year, above the EU average and a challenge for borrowers and lenders.

Paksoy, working with Linklaters, has advised Actera Group and Esas Holding on their exit from Mars Spor Kulubu to Benefit Systems. Herguner Bilgen Ucer and Moskwa Jarmul Haladyj advised Benefit Systems.

Aksan has advised on the establishment of the PCP Capital Partners venture fund. 

White & Case and its Turkish affiliate law firm GKC Partners have advised Morgan Stanley as the bookrunner on the Rule 144A/Reg S debut Eurobond issuance by GDZ Elektrik. Unsal advised GDZ Elektrik.

White & Case and its Turkish affiliate GKC Partners have advised Fingen on establishing a joint venture with Kalyon for the development of the Florentia Village designer outlet project. 

Pursuant to the Competition Board’s (“Board”) decision dated 15.12.2022 and numbered 22-55/850-M, an investigation was initiated to determine whether Nestle Türkiye Gıda Sanayi AŞ (“Nestle”) infringed Article 4 of the Law No. 4054 on the Protection of Competition (“Competition Law”) by (i) setting the resale price of its distributors and (ii) imposing regional and customer restrictions on them.

Dentons and its Turkish affiliate Balcioglu Selcuk Eymirlioglu Ardiyok Keki Attorney Partnership have advised Anadolubank on its debut international bond offering raising USD 150 million through the issuance of fixed rate resettable tier 2 notes due 2035.

White & Case and its Turkish affiliate GKC Partners have advised the joint bookrunners on the debut Rule 144A/Reg S green bond issuance by Limak Yenilenebilir Enerji.

Durmaz has advised CosmoBlue Media on its acquisition of Youlook Global Limited. Hunters reportedly advised the sellers.

Linklaters, working with Ergun, has advised Turkerler Holding subsidiary Turker Global Madencilik on a share purchase and option agreement for the acquisition of a gold mine development project in Bulgaria for USD 55 million from Toronto-listed Velocity Minerals and its joint venture partner, Gorubso Kardzhali. Lotz & Company reportedly advised the sellers.

Aydemir has advised Titan Cement International on an agreement to divest its 75% share in Adocim Cimento Beton for USD 87.5 million with 50% being sold to Mugla Cimento and 25% to Yurt Cimento.

Erdem & Erdem has advised Neapco Turkey Otomotiv Anonim Sirketi on the acquisition of Hedrive Otomotiv Teknoloji Sistemleri Sanayi ve Ticaret Limited Sirketi. 

Actecon Knowledge Counsel Hanna Stakheyeva talks about competition in Turkiye in 2025.

Erdem & Erdem, working with Morgan Lewis and ADNA, has advised CoreX Resources on the acquisition of the majority shares in Compagnie Miniere Du Bafing. Wallace reportedly advised the sellers.

Acar & Ergonen has advised Tims Group, Tims Production, and Timur Savci on the acquisition of Yargici from GB Retail Investments Holding. Baker McKenzie's affiliate law firm Esin Attorney Partnership advised the sellers.

CCAO, working with Linklaters, has advised J.P. Morgan Securities on a USD 140 million loan to Petlim Limancilik. Vinson & Elkins reportedly advised Petlim Limancilik.

Paksoy, working with Dentons, has advised EBRD on a EUR 80 million loan to Ulusoy Un to finance its renewable energy projects and energy-efficient capacity expansion in Turkiye.

Turunc has advised Gelecek Etki Fonu (Future Impact Fund) on its investment in Onlayer in a round that also saw the participation of Maxis, Global Trust Ventures, and individual investors. Cigdemtekin Cakirca Aranci reportedly advised Onlayer.