The Turkish Competition Authority amended the turnover thresholds for the merger control in Turkey. Communiqué Amending the Communiqué on Mergers and Acquisitions Requiring Permission from the Competition Board (“Communiqué No.2022/2”) was published in the Official Gazette dated 4.03.22022 and numbered 31768 to amend the turnover thresholds stated under the Communiqué No. 2010/4 on Mergers and Acquisitions Requiring Permission from the Competition Board (“Communique”). Also,Technology Undertakings are defined under the Communique, and an exception for merger control thresholds is foreseen for the digital markets.
With the Communiqué numbered 2022/2, monetary limits regarding mergers and acquisitions subject to permission have been amended as follows: In a merger or acquisition transaction, authorization of the Board shall be required for the relevant transaction to carry legal validity in case,
(a) Total turnovers of the transaction parties in Turkey exceed TRY 750.000.000,00 (approx. 52.700.00,00 USD) and turnovers of at least two of the transaction parties in Turkey each exceed TRY 250.000.000,00 (approx. 17.570.000,00 USD), or
(b) The asset or activity subject to acquisition in acquisition transactions, and at least one of the parties of the transaction in merger transactions have a turnover in Turkey exceeding TRY 250.000.000,00 (approx. 17.570.000,00 USD), and the other party of the transactions has a global turnover exceeding TRY 3.000.000.000,00 (approx. 210.847.000,00 USD).
In the acquisition of technology undertakings operating in the Turkish geographical market or having research & development activities or providing services to users in Turkey; The thresholds of TRY 250.000.000,00 (approx. 17.570.000,00 USD) in (a) and (b) are not sought.
Note: The approximate currency rates mentioned above are dated 04.03.2022.
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Authors: Bilge Derinbay, Mahmut Ramazan Ertaş
Contact: bilge.derinbay@nsn-law.com