Acquisitions in Turkey

Castles Technology announced it has successfully acquired MT Bilgi Teknolojileri A.Ş. (MTBT), a Turkish payment technology company. The deal strengthens Castles Technology’s local execution capabilities in Türkiye and accelerates its strategy to become a more services-oriented global payment solutions provider.

Reges Elektrik announced the acquisition of Tuşpa Enerji Üretim A.Ş., enabling it to commence electricity production via the 70 MW Demirli Wind Power Project in the Kaman district of Kırşehir, Türkiye. The asset was acquired from RES Türkiye, a subsidiary of RES Group, marking Reges Elektrik’s strategic expansion from energy supply into renewable power generation.

Pulsar International acquired a controlling interest in Istanbul-based Navee Technology to expand its commercial maritime satellite communications and managed connectivity presence in Türkiye. The transaction creates a new operating entity, Pulsar Türkiye, combining Pulsar’s global connectivity platform with Navee’s local installation, service, marine electronics, and maritime IT/digital solutions capabilities. Navee’s leader Volkan Kalin will continue to run the business and retain a significant ownership stake.

HRK Holding A.S. (Saat & Saat) acquired Aydinli Hazir Giyim San. Tic. A.S. (Aydinli Group), a Turkish apparel and retail company and a major licensing partner of the U.S. Polo Assn. brand. The transaction expands Saat & Saat’s footprint from watches into apparel and strengthens U.S. Polo Assn.’s distribution and retail presence across Turkey, the Middle East, Eastern Europe, and North Africa.

Infinity Engineered Products, a Turnspire Capital Partners portfolio company and the global exclusive provider/manufacturer of Goodyear-branded air springs, acquired (via merger) Meklas Otomotiv, a European air springs manufacturer founded in 1986. The combination expands Infinity’s manufacturing and sourcing capabilities—particularly leveraging Meklas’ production in Turkey—and supports broader geographic expansion of Goodyear Air Springs in Europe/EMEA and other markets for commercial vehicle OEM and aftermarket customers.

Arthur J. Gallagher & Co. acquired Istanbul, Türkiye-based Aspera Sigorta ve Reasürans Brokerliği A.Ş., an insurance and reinsurance brokerage firm. Financial terms were not disclosed, and Aspera’s founding partner Evrim Özkoç and the broking team will remain with the business under Gallagher’s Türkiye leadership.

Dream Games announced a strategic investment from CVC, which will become the company’s sole equity partner to support its next phase of growth in mobile gaming. The transaction provides liquidity for Dream Games’ initial venture capital investors, who will exit after more than five years, and includes debt financing provided by funds managed by Blackstone and other investors. The deal is subject to regulatory approvals and is expected to close in Q3 2025.

DoubleU Games closed its acquisition of Turkey-based casual game developer Paxie Games on March 26 after receiving Turkish competition authority clearance. DoubleU Games paid $29.9 million upfront for 60% ownership, with the remaining stake to be acquired via a three-year earnout structure. The deal is intended to expand DoubleU Games’ global network and add Paxie’s Merge-2 casual game development capabilities and hit title Merge Studio: Fashion Makeover.

Systemair AB completed its acquisition of the remaining 10% stake in Systemair HSK Türkiye after receiving approval from Turkish competition authorities. Following the transaction, Systemair AB now owns 100% of Systemair HSK Türkiye.

Dar Al-Handasah Consultants (Shair and Partners) (Dar) acquired a majority stake in Su-Yapı Engineering & Consulting (Su-Yapı), a Türkiye-based engineering consulting firm focused on water, wastewater, infrastructure, energy, dams and hydropower. The deal is intended to strengthen Dar’s presence in Türkiye and Central Asia and reinforce its positioning in the Middle East and Africa in water resources, dams and hydropower. Su-Yapı will continue to operate independently under its own brand while leveraging Dar Group’s global network and resources.

Catchpoint announced the acquisition of the technology assets of Thundra.io (Thundra, Inc.) to enhance its Internet Performance Monitoring platform. The deal adds advanced API, cloud functions, and microservices monitoring capabilities, and the Thundra.io team will join Catchpoint at a new center of excellence in Ankara, Turkey.

MidEuropa has completed the sale of Kent Health Group to Acibadem Healthcare Group. Kent is a premium healthcare services provider in Izmir, Turkey, operating a flagship hospital and two satellite medical centers serving the Aegean region.

Sensient Technologies Corporation acquired Endemix Doğal Maddeler A.Ş., a vertically integrated producer of natural colors and extracts serving the food and beverage market. The deal expands Sensient’s vertical integration and adds extraction and refining capacity while strengthening its natural color solutions portfolio and positioning operations closer to key botanical growing areas in Turkey.

Turkey-based local services marketplace Armut.com merged with Italy-based ProntoPro, combining their online platforms for matching customers with local service professionals across EMEA/Europe. Following the merger, the combined company raised €15 million in a new funding round led by ProntoPro’s existing investors to accelerate product investment, hiring, and expansion across European markets.

SciPlay Corporation acquired an 80% stake in Alictus, a Turkey-based developer and publisher of hyper-casual mobile games, for $100 million in an all-cash transaction. SciPlay also agreed to acquire the remaining 20% over the next five years in equal installments, with aggregate contingent consideration ranging from $0 to $200 million based on revenue and profitability targets.

Sirius Plastik acquired all outstanding shares of PIA Akrilik from Plaskolite Inc. PIA Akrilik is a leading Turkish manufacturer of cast acrylic sheets (sold under the Castplas brand) with a production facility in Malatya, and Sirius Plastik plans additional investments to strengthen the company’s capital structure and support growth.

The Kraft Heinz Company completed the acquisition of Assan Foods from Turkish conglomerate Kibar Holding. Assan Foods is a sauces- and tomato-products manufacturer headquartered in Istanbul, and the deal supports Kraft Heinz's international expansion across Europe, the Middle East, and Africa.