Introduction

Turkey is an important jurisdiction for cross-border mergers and acquisitions involving European, Middle Eastern and Asian investors. Foreign investors may enter the Turkish market by acquiring an existing company, subscribing for newly issued shares, establishing a joint venture, purchasing a business or acquiring selected assets.

As a general principle, Turkish foreign investment legislation does not require a foreign investor to obtain a general investment approval merely because it is foreign. The Foreign Direct Investment Law No. 4875 is based on freedom of investment, equal treatment between foreign and domestic investors and a notification-based rather than general approval-based system. (Türkiye Yatırım Ofisi)

This does not mean that every acquisition can be completed without governmental involvement. A transaction may require prior approval from the Turkish Competition Authority or a sector regulator. Foreign ownership may also affect real estate, licensing, security-zone and regulated-industry requirements.

Cross-border transactions create additional issues concerning foreign-law corporate documents, payment of the purchase price, international arbitration, tax structuring, transfer of dividends and sale proceeds, foreign financing and post-closing reporting.

For these reasons, foreign investors acquiring a Turkish business should analyse the corporate, regulatory and tax structure before signing the transaction documents.

Can Foreign Investors Acquire Turkish Companies?

Yes.

Subject to international agreements and special statutory restrictions, foreign investors may make direct investments in Turkey and are generally treated on the same basis as domestic investors.

Foreign investors may:

• Establish Turkish companies;
• Acquire existing shares;
• Participate in capital increases;
• Establish joint ventures;
• Acquire businesses or commercial enterprises;
• Invest through branches;
• Purchase qualifying assets;
• Reinvest profits;
• Sell their investment and transfer eligible proceeds abroad.

The Presidency of the Republic of Türkiye Investment Office states that the conditions for establishing a business and transferring shares are generally the same for international and domestic investors. It also notes that nationality restrictions may continue in certain regulated sectors, including areas such as broadcasting, maritime activities and civil aviation. (Türkiye Yatırım Ofisi)

Accordingly, the first question in a Turkish cross-border acquisition is usually not whether foreign ownership is permitted generally, but whether a special rule applies to the target’s particular industry or assets.

Main Cross-Border Acquisition Structures

A foreign investor can structure a Turkish acquisition in several ways.

Share acquisition

The investor purchases some or all of the shares of an existing Turkish company.

This is the most common M&A structure where the investor wishes to acquire an operating business with its existing contracts, employees, licences, assets and commercial history.

The target company continues to exist after closing.

Its historical liabilities also remain within the company.

For this reason, legal, financial and tax due diligence is particularly important.

Capital increase

Instead of purchasing only existing shares, the foreign investor may subscribe for newly issued shares.

The investment proceeds are then paid into the Turkish company rather than to the existing shareholders.

Capital increases are particularly common in:

• Growth investments;
• Venture capital;
• Joint ventures;
• Strategic investments;
• Financial restructurings.

A transaction may combine a secondary share acquisition with a primary capital increase.

Asset acquisition

The investor may purchase a business, manufacturing facility, intellectual property, customer contracts or selected assets instead of acquiring the target company itself.

Asset transactions may provide greater flexibility in selecting what is acquired.

However, separate transfer formalities may apply to real estate, contracts, employees, licences, vehicles and intellectual property.

Merger or corporate restructuring

Cross-border investment may also be combined with a merger, demerger, share exchange or other corporate restructuring.

The appropriate structure depends heavily on tax, regulatory and operational considerations.

Choosing the Turkish Acquisition Vehicle

A foreign investor does not always acquire the Turkish target directly from its foreign parent company.

Investors may establish a Turkish acquisition vehicle or use an existing foreign holding company.

The selection may affect:

• Financing;
• Dividend distributions;
• Capital gains;
• Withholding taxes;
• Acquisition debt;
• Treaty protection;
• Future exit;
• Regulatory approvals.

The transaction structure should therefore be reviewed with Turkish and relevant foreign tax advisers before the SPA becomes binding.

Restructuring the ownership chain after closing can be significantly more expensive and complicated than establishing the intended structure in advance.

Joint-Stock Company or Limited Company?

The target’s company type directly affects closing mechanics.

Joint-stock company

Joint-stock companies are generally more flexible for institutional and international investment.

Share transfer procedures depend on whether shares are:

• Registered;
• Bearer;
• Certificated;
• Uncertificated.

The articles of association must also be reviewed for transfer restrictions.

Institutional investors often prefer joint-stock companies because of their corporate governance structure, transferability of shares and suitability for future financing or exit.

Limited liability company

Limited liability company share transfers involve greater formality.

A transfer agreement is generally required in writing with notarised signatures, and general assembly approval is generally required unless the articles provide otherwise.

Following closing, the shareholding structure must also be appropriately reflected in the company records and trade registry process.

Foreign buyers should therefore establish the target’s exact legal form and share structure before preparing closing mechanics.

Foreign Direct Investment Reporting

Although Turkey generally follows a notification rather than prior-approval model for ordinary foreign direct investment, foreign-capital companies are subject to reporting requirements.

Foreign investment information is submitted electronically through E-TUYS, the Electronic Incentive Application and Foreign Capital Information System administered by the Ministry of Industry and Technology.

The system includes information relating to:

• Foreign direct investment activities;
• Capital information;
• Share transfers involving foreign investors.

The Investment Office confirms that the previously paper-based foreign direct investment activity, capital and share transfer information forms are now submitted electronically through E-TUYS. (Türkiye Yatırım Ofisi)

Foreign investors should therefore distinguish between:

approval requirements, which may determine whether a transaction can legally close, and reporting requirements, which may arise following the investment.

Failure to treat post-closing reporting as part of the transaction checklist can create unnecessary compliance problems.

Foreign Corporate Documents

A foreign corporate buyer will normally need to provide documents establishing its legal existence and authority to complete the acquisition.

Depending on the transaction, these may include:

• Commercial registry extract;
• Certificate of incorporation;
• Articles of association;
• Board resolution;
• Incumbency documentation;
• Signatory information;
• Power of attorney;
• Ultimate beneficial ownership information.

Foreign documents may require apostille or consular legalisation depending on their country of origin and the applicable international conventions.

Turkish sworn translations may also be required for notary or trade registry purposes.

These formalities should be considered well before closing.

A transaction can otherwise be commercially ready but delayed because a foreign board resolution or power of attorney does not satisfy Turkish form requirements.

Competition Authority Approval

Cross-border acquisitions may require prior approval from the Turkish Competition Authority.

The analysis is based on whether the transaction creates a permanent change of control and whether the applicable turnover thresholds are met.

Turkey materially updated its merger-control thresholds in February 2026.

The Competition Authority announced that:

• The TRY 250 million individual threshold was increased to TRY 1 billion;
• The TRY 750 million Turkish turnover threshold was increased to TRY 3 billion;
• The TRY 3 billion worldwide turnover threshold was increased to TRY 9 billion.

The notification form and certain guidance were also updated. (Rekabet Kurumu)

The Authority subsequently published revised merger and acquisition guidelines in May 2026. (Rekabet Kurumu)

A foreign buyer should therefore perform a Turkish merger-control assessment even where the transaction is negotiated and signed entirely outside Turkey.

A global transaction can require Turkish approval because one of the acquired businesses has sufficient Turkish turnover.

Minority Investments May Also Require Clearance

A foreign investor does not necessarily need to acquire more than 50% of the shares to obtain control.

Joint control may arise through contractual governance rights.

For example, a minority investor may obtain veto rights concerning:

• Annual budget;
• Business plan;
• Appointment of senior management;
• Strategic investments.

If these rights provide decisive influence over the target’s strategic commercial decisions, the transaction may create joint control.

Competition analysis must therefore examine the shareholders’ agreement and reserved matters, not merely the percentage of shares being acquired.

No Closing Before Required Competition Approval

Where Turkish merger-control approval is mandatory, the parties should not implement the transaction before obtaining clearance.

The SPA will ordinarily include Competition Authority approval as a condition precedent.

The parties should also avoid premature coordination between buyer and target before closing.

Before approval and closing, the seller should remain responsible for operating the business.

The buyer may legitimately protect the value of its future investment through carefully drafted interim covenants, but it should not begin exercising control prematurely.

This is particularly sensitive where the buyer and target are competitors.

Sector-Specific Regulatory Approval

Foreign investment freedom does not eliminate sector-specific regulation.

Depending on the target, an acquisition may require prior approval or notification from authorities supervising areas such as:

• Banking;
• Insurance;
• Payment services;
• Capital markets;
• Energy;
• Telecommunications;
• Broadcasting;
• Aviation;
• Education;
• Healthcare;
• Defence.

The regulator may examine:

• Identity of the buyer;
• Ownership structure;
• Ultimate beneficial ownership;
• Financial resources;
• Reputation;
• Management;
• Source of funds;
• Business plan.

Some industries also contain direct or indirect foreign ownership restrictions.

Regulatory due diligence should therefore begin before the parties agree on the expected closing date.

Foreign Ownership and Turkish Real Estate

A foreign investor acquiring shares in a Turkish company may indirectly acquire control of a company that owns real estate.

This should be reviewed separately from an ordinary share-transfer analysis.

Turkish companies with foreign capital may fall within special real estate rules where foreign investors hold at least 50% of the shares or possess certain rights to appoint or remove the majority of management.

Such companies may acquire and use real estate for activities specified in their articles, subject to the relevant statutory regime. (Türkiye Yatırım Ofisi)

This can be particularly important when acquiring:

• Industrial companies;
• Hotel businesses;
• Mining companies;
• Energy companies;
• Logistics businesses;
• Agricultural businesses;
• Large real estate holding structures.

The buyer should therefore identify all land owned by the target and determine whether the change in foreign ownership triggers additional requirements.

Certain Real Estate Transactions Are Exempt from Specific Permission Procedures

Special rules apply to some real estate transactions involving foreign-capital companies.

Official investment guidance identifies certain categories that do not require the ordinary governor’s-office permission process, including qualifying property transfers resulting from mergers or demergers and acquisitions in organised industrial zones, industrial zones, technology development zones and free zones. (Türkiye Yatırım Ofisi)

The precise structure and location of the property should nevertheless be checked before assuming that an exemption applies.

Acquisition Financing

Cross-border acquisitions may be financed through:

• Buyer equity;
• Foreign bank debt;
• Turkish bank debt;
• Shareholder loans;
• Acquisition financing facilities;
• Combinations of debt and equity.

Financing documents should be coordinated with the acquisition agreement.

Important issues may include:

• Conditions precedent;
• Security;
• Share pledges;
• Account pledges;
• Guarantees;
• Acquisition debt;
• Financial assistance considerations;
• Interest withholding;
• Transfer pricing.

Where the target itself will provide security or support acquisition financing, corporate benefit and capital-maintenance issues require particular attention.

The fact that the buyer will own the target after closing does not mean that target assets can automatically be used to finance the acquisition without legal analysis.

Payment of the Purchase Price

Cross-border deals are commonly negotiated in EUR, USD or another foreign currency.

The SPA should identify:

• Currency;
• Payment account;
• Value date;
• Bank charges;
• Payment evidence;
• Exchange-rate mechanism where relevant.

However, Turkey maintains foreign exchange regulations governing certain contracts and payment obligations between Turkish residents.

These rules have been amended repeatedly. For example, the Ministry of Treasury and Finance announced further changes concerning foreign-currency payment rules in March 2025. (Hazine ve Maliye Bakanlığı)

Whether an M&A agreement may be denominated and settled in foreign currency depends on the identities of the parties and the nature of the transaction.

Cross-border parties should therefore confirm the applicable foreign exchange rules at signing and again before payment rather than relying on an old SPA precedent.

Repatriation of Investment Proceeds

The Foreign Direct Investment Law expressly protects transfers associated with foreign investments.

Foreign investors may generally transfer abroad through banks or financial institutions amounts such as:

• Net profits;
• Dividends;
• Proceeds from sale or liquidation of investments;
• Compensation payments;
• Payments under licence and management agreements;
• Repayments and interest connected with foreign loans.

This transfer principle is expressly included in Article 3 of Law No. 4875. (Türkiye Yatırım Ofisi)

This is commercially important because foreign investors need not consider only entry into Turkey but also how returns and exit proceeds will be transferred out of the jurisdiction.

Banking, tax and anti-money-laundering documentation will nevertheless remain relevant to actual transfers.

Source of Funds and Banking Compliance

International M&A payments can attract substantial compliance review from banks.

Banks may request documentation concerning:

• Share purchase agreement;
• Identity of buyer and seller;
• Corporate ownership structure;
• Ultimate beneficial owners;
• Source of funds;
• Purpose of payment;
• Tax treatment;
• Regulatory approvals.

The parties should therefore involve their banking teams before closing.

An international transfer of several million euros should not be approached as though it were an ordinary commercial payment.

Banks may require compliance documents before releasing or accepting funds, and last-minute requests can delay completion.

Legal Due Diligence

A foreign buyer should conduct Turkish legal due diligence before becoming unconditionally committed to the acquisition.

The review should generally include:

• Corporate status;
• Share ownership;
• Share pledges and attachments;
• Corporate books;
• Material contracts;
• Financing;
• Employees;
• Litigation;
• Real estate;
• Intellectual property;
• Regulatory licences;
• Data protection;
• Competition law;
• Compliance;
• Related-party transactions.

Cross-border investors should pay particular attention to issues that may not appear in financial statements.

These may include defective corporate records, informal shareholder arrangements, unregistered intellectual property, employee practices, regulatory deficiencies and historical related-party transactions.

Public Registry Verification

Information supplied by the seller should be independently verified where possible.

Relevant sources may include:

• Trade registry;
• MERSİS;
• Turkish Trade Registry Gazette;
• Land registry;
• Trademark and patent databases;
• Litigation and enforcement records;
• Regulatory records.

A foreign investor should not rely exclusively on a vendor-prepared data room to establish ownership of critical shares or assets.

Independent verification is particularly important where the transaction value depends on property or intellectual property.

Material Contracts

Cross-border acquisitions frequently involve multinational customer, distribution or financing arrangements.

Material agreements should be reviewed for:

• Change-of-control clauses;
• Consent requirements;
• Termination rights;
• Exclusivity;
• Assignment restrictions;
• Financial covenants.

Even though a share acquisition does not technically change the identity of the target company, contractual provisions may still treat a change in ownership as a triggering event.

Where loss of a material contract would significantly affect valuation, third-party consent may be made a condition precedent.

Employment Issues

A direct share acquisition does not ordinarily change the identity of the Turkish employer.

Employees generally continue working for the same Turkish company after the foreign investor acquires the shares.

However, post-acquisition restructuring may raise separate employment issues.

Foreign buyers frequently wish to introduce:

• Global employment contracts;
• Group bonus plans;
• Remote working policies;
• International reporting lines;
• Employee share plans;
• New confidentiality rules.

These documents should be adapted to Turkish employment law rather than directly copied from the investor’s home jurisdiction.

Mandatory employee rights cannot simply be overridden by global group policies.

Intellectual Property

Technology-related acquisitions require confirmation that the target actually owns the technology being purchased indirectly through the shares.

Software may have been created by:

• Founders;
• Employees;
• Freelancers;
• Foreign developers;
• Related companies.

Contracts should establish ownership or sufficient licence rights.

Foreign investors should pay particular attention to situations where technology used by the Turkish target is owned by a founder personally.

The issue should preferably be corrected before closing through a valid intellectual property assignment.

Personal Data in Cross-Border M&A

Cross-border due diligence and post-closing integration frequently involve transfers of personal data outside Turkey.

A foreign buyer may request access to:

• Employee records;
• Customer databases;
• Supplier contacts;
• Management information.

Not all information should automatically be uploaded to an overseas data room.

The transaction team should assess:

• Necessity;
• Redaction;
• Anonymisation;
• Data room access;
• International transfer requirements;
• Security.

After closing, transferring Turkish customer or employee databases into a foreign group’s central systems may constitute an international data transfer requiring compliance with Turkish personal data legislation.

Data integration should therefore be treated as a separate post-closing legal workstream.

Anti-Corruption and Compliance Due Diligence

International investors frequently operate under compliance regimes extending beyond Turkish law.

A buyer may therefore need to assess:

• Turkish anti-bribery requirements;
• Public procurement history;
• Intermediaries;
• Government relationships;
• Gifts and entertainment;
• Third-party commissions;
• Sanctions;
• Anti-money-laundering controls.

An acquisition can create substantial commercial and reputational risk where historical misconduct remains undiscovered until after closing.

Compliance findings should be reflected in warranties, specific indemnities or pre-closing remediation.

Tax Structuring

The tax consequences of a cross-border acquisition depend heavily on the transaction structure.

Relevant issues may include:

• Acquisition of shares versus assets;
• Capital gains;
• Dividend withholding;
• Interest withholding;
• Shareholder loans;
• Transfer pricing;
• Permanent establishment;
• VAT;
• Stamp tax;
• Double taxation treaties.

The legal buyer should not necessarily be selected before analysing the tax consequences.

A foreign investor may acquire the Turkish company directly or through an intermediate holding company, but any structure should have genuine commercial and legal substance.

Artificial arrangements designed only to obtain treaty advantages may create tax risk.

Share Acquisition Versus Asset Acquisition for Foreign Investors

The distinction can materially affect taxes and liabilities.

Share acquisition

The investor acquires the company with its existing history.

Advantages may include continuity of:

• Contracts;
• Employees;
• Licences;
• Assets.

The disadvantage is that historical liabilities remain within the acquired company.

Asset acquisition

The investor may have greater ability to select assets.

However, individual transfer requirements may apply and certain statutory liabilities can follow a transferred business.

The tax consequences may also be materially different.

Foreign investors should therefore compare the structures rather than automatically assuming that acquiring shares is more efficient.

Investment Treaties

Turkey is party to numerous bilateral investment treaties and multilateral investment arrangements.

Depending on the investor’s nationality and investment structure, an applicable investment treaty may provide protections concerning matters such as:

• Expropriation;
• Fair treatment;
• Non-discrimination;
• Transfer of investment proceeds.

Foreign investors should consider treaty protection when structuring major long-term investments.

However, establishing an investment structure solely after a dispute has already become foreseeable may not produce the intended protection.

Treaty planning should therefore take place at investment stage.

Protection Against Expropriation

The Foreign Direct Investment Law provides that foreign direct investments cannot be expropriated or nationalised except for public interest and against compensation in accordance with due process. (Türkiye Yatırım Ofisi)

For most ordinary private acquisitions this protection may never become practically relevant.

It can nevertheless be important in investments heavily dependent on:

• State concessions;
• Infrastructure;
• Energy;
• Mining;
• Public licences;
• Long-term public contracts.

Regulatory and investment protection should therefore be considered together for major strategic investments.

Governing Law of Transaction Documents

The parties to a cross-border acquisition must determine the governing law of the SPA.

A Turkish target does not necessarily mean that every contractual document must be governed by Turkish law.

Depending on applicable conflict-of-laws rules, the parties may choose another law for certain contractual relationships.

However, Turkish mandatory corporate rules continue to apply to matters such as:

• Turkish company shares;
• Corporate resolutions;
• Trade registry;
• Management;
• Certain transfer formalities.

A foreign-law SPA therefore does not eliminate Turkish corporate closing requirements.

The legal team must coordinate contractual law and Turkish corporate law.

International Arbitration

International arbitration is frequently selected for disputes arising from cross-border Turkish acquisitions.

A dispute clause may provide for arbitration under rules such as those of:

• ICC;
• ISTAC;
• Another agreed institution;
• Ad hoc arbitration.

The parties should determine:

• Seat;
• Governing law;
• Language;
• Number of arbitrators;
• Appointment procedure;
• Interim measures;
• Confidentiality.

Law No. 4875 also expressly recognises the possibility of national or international arbitration for qualifying investment disputes where the applicable requirements and party agreement are satisfied. (Türkiye Yatırım Ofisi)

Not every Turkish corporate matter is necessarily suitable for final determination through arbitration. Certain issues involving registration, corporate status or third-party rights may require Turkish court or trade registry procedures.

The arbitration clause should therefore be drafted with the actual transaction structure in mind.

Language of the Transaction Documents

Cross-border transactions frequently use English as the negotiating language.

Documents may be:

• English only;
• Turkish only;
• Bilingual.

Corporate resolutions, notary documents and trade registry filings may require Turkish documentation or translation.

Where agreements are bilingual, the parties should specify which language prevails in the event of inconsistency.

Poor translations can create significant legal disputes, particularly concerning warranties, liability limitations and price-adjustment formulas.

Transaction translations should therefore be prepared or reviewed by professionals familiar with M&A terminology rather than through literal translation alone.

Conditions Precedent

Cross-border transactions commonly require a gap between signing and closing.

Conditions precedent may include:

• Competition Authority approval;
• Sector regulator approval;
• Foreign regulatory clearance;
• Third-party consent;
• Release of share pledges;
• Corporate restructuring;
• Intellectual property assignment;
• Foreign documentation.

The SPA should establish a realistic long-stop date.

Where approvals are required in several countries, regulatory timetables should be coordinated internationally.

Closing Mechanics

A cross-border closing may involve simultaneous actions in several jurisdictions.

The closing checklist should identify:

• Share transfer documents;
• Foreign corporate approvals;
• Notarised powers of attorney;
• Apostilles;
• Turkish translations;
• Regulatory approvals;
• Board resignations;
• New management appointments;
• Share ledger entries;
• Purchase price payment;
• Escrow;
• Trade registry filings.

A detailed funds flow should identify every bank payment.

The parties should also establish which documents must be delivered before money is released.

Post-Closing Actions

After closing, the buyer may need to complete:

• E-TUYS reporting;
• Trade registry filings;
• Share ledger updates;
• Management registration;
• Banking changes;
• Licence notifications;
• Tax notifications;
• Data protection integration;
• Contractual change-of-control notifications.

The company should also update access to:

• Online banking;
• MERSİS;
• Registered electronic mail;
• Tax systems;
• Social security systems;
• Accounting software;
• Domain names;
• Cloud services.

Legal ownership without operational control can leave former shareholders or management with unnecessary access to the acquired business.

Foreign Ownership of Target Subsidiaries

A Turkish target may itself own subsidiaries in other countries.

The buyer must therefore analyse the transaction not only under Turkish law but also under the laws of each jurisdiction in which the target group operates.

A Turkish change of control may trigger:

• Foreign merger-control filings;
• Regulatory approvals;
• Contract consents;
• Beneficial ownership reporting.

Cross-border acquisition planning should therefore map the entire target group before signing.

Common Risks in Cross-Border Turkish Acquisitions

Frequent problems include:

• Assuming foreign investment requires no reporting because prior approval is not generally required;
• Failing to review sector-specific foreign ownership limits;
• Missing Competition Authority clearance;
• Treating minority investor veto rights as irrelevant to control;
• Ignoring foreign-capital real estate rules;
• Preparing foreign corporate documents too late;
• Using an English SPA without coordinating Turkish closing formalities;
• Assuming the purchase price may always be paid in any foreign currency;
• Failing to review international data transfers;
• Overlooking E-TUYS reporting;
• Ignoring treaty and tax structuring until after signing;
• Failing to coordinate approval processes in multiple jurisdictions.

Practical Cross-Border M&A Checklist

Before acquiring a Turkish company, a foreign investor should generally:

1. Determine the acquisition structure.
2. Select the acquisition vehicle.
3. Review tax and treaty implications.
4. Conduct Turkish legal due diligence.
5. Verify share ownership.
6. Review regulatory licences.
7. Analyse sector-specific foreign ownership rules.
8. Assess Competition Authority filing requirements.
9. Review target-owned real estate.
10. Identify foreign exchange issues.
11. Prepare foreign corporate documents and apostilles.
12. Review material change-of-control clauses.
13. Analyse employment and IP risks.
14. Review cross-border personal data transfers.
15. Establish SPA governing law and dispute resolution.
16. Obtain necessary regulatory approvals.
17. Coordinate acquisition financing.
18. Prepare a detailed cross-border closing checklist.
19. Complete trade registry and corporate actions.
20. Submit required foreign investment reports and post-closing notifications.

Conclusion

Turkey generally provides an open foreign investment regime based on equal treatment and freedom to invest. Foreign investors may establish companies and acquire Turkish businesses under substantially the same general corporate framework applicable to domestic investors. (Türkiye Yatırım Ofisi)

Cross-border acquisitions nevertheless require additional planning.

Competition clearance, sector-specific regulation, foreign-capital real estate rules, foreign exchange restrictions, E-TUYS reporting, tax structuring, international data transfers and foreign corporate documentation can all affect transaction timing and feasibility.

The key distinction is between general foreign investment permission and transaction-specific regulation. An investment may not require general foreign-investment approval but may still require Competition Authority clearance or approval from the regulator supervising the target’s industry.

Foreign investors should therefore complete corporate, regulatory, tax and merger-control analysis before signing a binding acquisition agreement. The transaction documents should then coordinate Turkish corporate requirements with the chosen international financing, tax and dispute-resolution structure.

A properly structured cross-border M&A transaction allows the investor not only to acquire a Turkish business legally, but also to finance, control, integrate and ultimately exit the investment efficiently.