Turkey M&A: A Chronology of Verified Cross-Border Transactions

This reference compiles verified cross-border M&A transactions involving Turkish companies or Turkish market operations. Each entry is based on publicly available sources. Transactions are listed chronologically.

Acquirer: Yıldız Holding (Turkey) Target: Godiva Chocolatier Seller: Campbell Soup Company (United States) Transaction Value: $850 million Announced / Closed: 2007

Yıldız Holding, the Istanbul-based conglomerate and parent of Ülker, acquired the Belgian luxury chocolate brand Godiva from Campbell Soup Company for $850 million. At the time, Godiva operated approximately 450 retail boutiques worldwide and generated annual revenues of approximately $500 million.

The transaction was one of the largest outbound acquisitions by a Turkish company at that time. Godiva had been owned by Campbell Soup since 1974.

• U.S. antitrust: Hart-Scott-Rodino Act pre-merger notification filed; no material competition concerns raised
• EU competition: Belgian manufacturing operations triggered EU competition law review
• IP transfer: Global trademark portfolio (USPTO, EUIPO, national registries) transferred; Japanese licensing arrangements renegotiated
• Turkish FX regulations: Capital outflow of this scale required Central Bank reporting compliance

Post-2021 structure: Yıldız Holding retains Godiva Europe, Middle East, and Asia. MBK Partners holds North America and Australia under a territorial brand license. The split-brand structure requires ongoing trademark licensing coordination between the two owners.

→ Full analysis: Yıldız Holding / Godiva: A Turkish Conglomerate's Global Luxury Brand Acquisition and Restructuring

Acquirer: Uber Technologies (United States) Target: Getir — Turkish operations only Transaction Value: Not publicly disclosed Closed: August 2024

Uber acquired the Turkish operations of Getir, the Istanbul-based rapid grocery delivery company that had reached a peak valuation of $11.8 billion in March 2022 as Turkey's first decacorn. By the time of the sale, Getir had withdrawn from all European markets (UK, Germany, France, Netherlands) and the United States following the collapse of global venture capital valuations in 2022–2023.

The transaction was a distressed asset acquisition. Getir's investors — including Tiger Global, Sequoia Capital, and Mubadala — had collectively invested approximately $1.5 billion and suffered significant losses.

• Distressed M&A mechanics: Severely limited seller leverage; deal closed at a fraction of peak valuation
• IP transfer: Getir brand, technology infrastructure, and domain names transferred; TÜRKPATENT trademark registrations reassigned
• Turkish Labor Law: Business transfer provisions (Law No. 4857, Art. 6) applied; employee seniority rights preserved
• Competition notification: Whether Turkish Competition Authority (Rekabet Kurumu) notification was required was not publicly disclosed

Getir's trajectory — from $128M Series A in January 2021 to distressed sale in August 2024 — is the defining case study of the Turkish startup valuation cycle. The rapid expansion into Europe and the U.S. exceeded the company's resources and could not be sustained when the interest rate environment normalized.

→ Full analysis: Uber / Getir: The End of Turkey's First Decacorn and Consolidation in Rapid Delivery

Acquirer: Uber Technologies (United States) Target: Trendyol Go (food delivery and courier division of Trendyol) Seller: Trendyol (majority-owned by Alibaba Group) Transaction Value: Not publicly disclosed Closed: 2024

Uber acquired Trendyol Go, the food delivery and on-demand courier arm of Trendyol — Turkey's largest e-commerce platform, majority-owned by Alibaba Group since 2018. The transaction transferred Trendyol Go's restaurant network, customer base, and courier infrastructure to Uber Eats.

For Uber, the acquisition provided immediate scale in a market where organic growth would have required years of investment. For Trendyol, it was a strategic exit from a capital-intensive, low-margin business to concentrate resources on its core e-commerce marketplace and Trendyol Express parcel delivery operations.

• Competition law: Combined with the Getir acquisition in the same year, the transaction raised market concentration questions; Rekabet Kurumu notification status not publicly disclosed
• IP and brand transition: Trendyol Go trademarks (TÜRKPATENT), mobile application, and backend systems transferred; brand migration to Uber Eats platform expected over 6–18 months
• Turkish Labor Law: Art. 6 business transfer provisions applied to directly employed courier and operational staff
• KVKK (data protection): Transfer of customer and courier personal data in the context of M&A subject to Turkish data protection law requirements

The combination of the Getir and Trendyol Go acquisitions consolidated Turkey's food delivery market from four major platforms to effectively two: Yemeksepeti (Delivery Hero) and Uber Eats. This consolidation pattern is consistent with the maturation of food delivery markets globally.

→ Full analysis: Uber / Trendyol Go: Uber's Entry into Turkey's Food Delivery Market

The Yıldız / Godiva transaction (2007) represents the first generation of Turkish outbound M&A — a domestic conglomerate acquiring a globally recognized brand to accelerate international positioning. The challenges that followed (retail closures, partial divestiture) illustrate the management and financial risks of large cross-border brand acquisitions financed with significant leverage.

The Uber / Getir and Uber / Trendyol Go transactions (2024) represent a different pattern: a U.S. strategic acquirer consolidating a fragmented Turkish technology market. Both transactions were driven by Uber's need for scale and the distressed or strategic exit positions of the Turkish sellers.

Across all three transactions, the following legal issues recur:

This chronology covers only transactions that are verifiable through publicly available sources. Transactions for which deal terms, parties, or closing dates cannot be independently confirmed are excluded. The chronology will be updated as additional verified transactions are documented.

This reference is based on publicly available sources and is for informational purposes only; it does not constitute legal advice. Contact ULF New York for guidance on cross-border M&A transactions involving Turkish companies.