PwC
Energy news from Türkiye: Energy Deals 2025 Merger and acquisition activity in Türkiye’s energy market.
Methodology and terminology
Energy Deals 2025 includes analyses of crossborder and domestic deal activity in the oil, gas and electricity markets in Türkiye.
The analyses are based on publicly available information and encompass announced deals as
of 31 December 2025, including those pending financial and legal closure. Deal values are the
consideration value announced or reported while the figures relate to actual stake purchases
and are not multiplied to 100%.
Deal Totals
Tripled with long-awaited interest in high-value assets...
The loss of momentum in the energy deals in Türkiye that started in 2022 has been finally reversed in 2025.
38 energy deals generated an estimated total value of USD 3 billion, tripling the 2024 figure of USD 1 billion and the average deal value rose from USD 33 million in 2024 to USD 79 million in 2025.
The drivers behind the strong performance both in the utilities and the oil & gas deals despite the macroeconomic uncertainties and ongoing challenges in deal financing were the materialisation of the long-awaited interest in some high-value assets, the acquisitions in line with a diversified growth strategy pursued by some players and the divestments with a renewed focus on core businesses by some others.
On the utilities front, thermal PPs came back to the deal space with significant contributions to the estimated total deal value in this segment, supported by a diversified range of renewable energy assets changing hands and more natural gas distribution licenses consolidated under major players.
On the oil & gas front, a mega deal in midstream gas made up one third of the estimated total deal value in 2025.
And, except three privatisations, all deals were between private players
- This document is also available at (Link ...)
- https://www.pwc.com.tr/tr/sektorler/enerji/yayinlar/energy-deals-2025.pdf
energy - enerji ekonomisi
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