2014 Business Review 05 ORJ 6/17/14 4:59 PM Page 1 C M Y CM MY CY CMY K Composite 2012 - 2013 Döneminde Türk Şirketlerinin Yurtdışında Gerçekleştirdiği B&SA İşlemleri / M&A Processes Performed by Turkish Companies Abroad During the Period 2012 - 2013 Stake Deal Value # Acquirer Target Target Origin Sector Acquired (%) (US$ million) 2012 1 Abdi İbrahim Global Pharm Kazakhstan Pharmaceuticals 60% N/D 2 Alterra International 211 N. Ervay USA Real Estate 100% N/D 3 Anadolu Efes Efes Kazakhstan Kazakhstan Food & Beverage 28% N/D 4 ANT Holding Aldridge Minerals Inc. Canada Mining 30% 11 5 APS Ambalaj MEL Makedoniki Etaireia Hartou Greece Manufacturing 100% N/D Kosovo Electricity Distribution and 6 Çalık Holding ; Limak Holding Kosovo Energy 100% 33 Supply 7 Çalışkan Kömür Adriaoil S.p.A. Italy Petrochemicals 100% N/D 8 Cevahir Holding Land Plot in Sopiste Municipality Macedonia Real Estate 0% 2 9 Coca-Cola İçecek Al Waha Iraq Manufacturing 85% 134 10 Crescent Capital 60 MW Solar Energy Power Plant Bulgaria Energy 33% N/D Restaurants & 11 D.ream Azumi Group UK 50% N/D Hospitality Cape Town Iron and Steel Works 12 DHT Africa South Africa Manufacturing 100% N/D (Pty) Ltd. 13 Doğuş Holding Marina Dalmacija Croatia Infrastructure 100% N/D 14 Doğuş Holding Marina Borik Croatia Infrastructure 100% N/D 15 Doğuş Holding Flisvos Marina Greece Infrastructure 50% N/D 16 Doğuş Holding Capri Palace Hotel & Spa Italy Tourism 51% N/D 17 Eczacibasi-Monrol Nükleer Ürünler Capintec, Inc. USA Healthcare 100% 9 Logistics & 18 Ekol Lojistik Komora Ukraine 53% N/D Transportation 19 Enka Inşaat Moskva-Krasnye Kholmy Russia Real Estate 20% 91 Logistics & 20 Erenler Group Logistics Center UK 100% N/D Transportation 21 Euro Yatırım Menkul Değerler Gries & Heissel Bankiers AG Germany Financial Services 100% N/D 22 Genel Energy The Miran Block Iraq Energy 49% N/D 23 Genel Energy The Miran Block Iraq Energy 26% 450 24 Genel Energy Bina Bawi Exploration Block Iraq Energy 21% 240 25 Genel Energy Chia Surkh Exploration Block Iraq Energy 60% 68 26 Genel Energy Phoenicia Energy Company Limited Malta Energy 75% N/D 27 Genel Energy Barrus Petroleum Services Limited UK Energy 100% 28 28 Güriş İnşaat Zakhidno-Krymska WPP Ukraine Energy 50% N/D 29 Koç Holding The Surf Club USA Tourism 100% 116 30 MNG Holding NRH Bergen AS Norway Services 100% N/D 31 NETA Yatırım Menkul Değerler NFD Aureus Invest Croatia Financial Services 49% N/D 32 Orhan Holding Fuzhou Rocket Enterprises China Manufacturing 51% N/D Internet & Mobile 33 Peak Games Kammelna Games Saudi Arabia 100% N/D Services Logistics & 34 Pegasus Airlines Air Manas Kyrgyzstan 49% N/D Transportation 35 Private Investor (Gürsel Tanrıöğer) InterNacion Hotel Serbia Tourism 100% 2 2012 - 2013 Döneminde Türk Şirketlerinin Yurtdışında Gerçekleştirdiği B&SA İşlemleri / M&A Processes Performed by Turkish Companies Abroad During the Period 2012 - 2013 Stake Deal Value # Acquirer Target Target Origin Sector Acquired (%) (US$ million) 2012 36 Recydia A.Ş. Neales Waste Management UK Services 100% 15 37 Şişecam Saint-Gobain Glass Egypt Egypt Manufacturing 16% N/D 38 Spektra Jeotek Forage Mercier Inc Canada Services 100% N/D 39 Standard Profil KAUFIL Sealing Technologies Spain Manufacturing 100% N/D 40 Sütaş Süt Ürünleri Swedmilk Macedonia Macedonia Food & Beverage 100% N/D Agriculture & 41 Sütaş Süt Ürünleri Euroland Macedonia 100% 6 Breeding Restaurants & 42 Tab Gıda Burger King's China Operations China 100% N/D Hospitality Oetiker Limited's Compressed Air 43 Tamsan Bağlantı Elemanları Switzerland Manufacturing 100% N/D Coupling Business 44 Taşyapı İnşaat Ercan Aiport (20 year concession) North Cyprus Infrastructure 100% N/D 45 Teck Madencilik Pilot Gold Inc. Canada Mining N/D 8 46 Tosçelik Profil ve Sac Endüstrisi Zeljezara Niksic Montenegro Manufacturing 100% 20 47 TPAO Sandıklı Block Iraq Energy 25% N/D 48 Trakya Cam Sanayii Glass Corp S.A. Romania Manufacturing 90% 5 Automotive Glass Alliance Rus 49 Trakya Cam Sanayii Russia Manufacturing 70% 18 Trading ZAO 50 Turkiye Halk Bankasi Ziraat Bank A.D. Skopje Macedonia Financial Services 100% N/D 51 Ziylan Ayakkabı 3A Antonini S.p.A. (Lumberjack) Italy Manufacturing 100% N/D 2013 1 212 Capital Partners Solvoyo Co. USA Technology 20% 1 2 Altınmarka Former Wool Processing Facility Bulgaria Manufacturing 100% N/D Carbostent & Implantable Devices 3 Alvimedica Medical Devices Italy Healthcare 100% N/D S.p.a 4 Anadolu Cam Sanayii LLC Ruscam Kuban Russia Manufacturing 40% 14 5 Anadolu Efes CJSC Efes Brewery Russia Food & Beverage 9% 43 Internet & Mobile 6 Aslanoba Capital anymeeting USA N/D 1 Services 7 AVOD Kurutulmuş Gıda Sundown Foods USA Food & Beverage 100% 21 8 Borsa Istanbul Montenegro Stock Exchange Montenegro Financial Services 24% N/D Natuzzi's Furniture Production 9 Boydak Group Brazil Manufacturing 100% N/D Operations in Brazil 10 Boyhan Gıda Linden Nut Company USA Food & Beverage 100% N/D 11 Bozlu Holding DDD-Diagnostic A/S Denmark Healthcare 50% N/D 12 Coca-Cola İçecek Al Waha Iraq Manufacturing 15% 26 13 Diga Companies Group Svea Slovenia Manufacturing 62% 3 14 Doğuş Holding ACI Group Croatia Infrastructure 7% N/D Internet & Mobile 15 Doğuş Holding REIDIN UAE 30% N/D Services 16 Doğuş Holding K&G MedMarinas S.A. Greece Infrastructure 68% N/D Mart- Haziran 2014 / İAÜ Busines Review 01 2012 - 2013 Döneminde Türk Şirketlerinin Yurtdışında Gerçekleştirdiği B&SA İşlemleri / M&A Processes Performed by Turkish Companies Abroad During the Period 2012 - 2013 Stake Deal Value # Acquirer Target Target Origin Sector Acquired (%) (US$ million) 2013 17 Doğuş Holding Astir Palace Greece Real Estate N/D 598 Restaurants & 18 Domino's Pizza Turkey Domino's Pizza Russia Operations Russia 100% N/D Hospitality 19 Ece Holding ISVEA s.r.l. Italy Manufacturing 100% N/D Bon Accord & St. Nicholas 20 Esas Holding UK Real Estate 48% N/D Shopping Malls 21 Esas Holding Summit House Office Building UK Real Estate 100% N/D 22 Esas Holding Freshney Place Shopping Centre UK Real Estate 25% N/D 23 Esas Holding Eastgate Shopping Centre UK Real Estate 25% N/D 24 Esas Holding Coopers Square Shopping Centre UK Real Estate 25% N/D 25 Global Liman İşletmeleri Port of Bar Montenegro Infrastructure 62% 39 26 Global Liman İşletmeleri Creuers del Port de Barcelona Spain Infrastructure 43% N/D 27 Gülaylar Group Gem Tower USA Real Estate N/D 10 Mercedes Benz's Hydraulic Steering 28 Hema Endüstri Germany Manufacturing 100% N/D Systems Production Facility Mitsubishi Heavy Industries 29 Hidromek Thailand Manufacturing 100% N/D (Motor Grader Business) 30 HSS Otomotiv Vibracoustic CV Air Springs Germany Manufacturing 50% N/D 31 Kalenobel Ambalaj Big Drum (Packaging Operations) Spain Manufacturing 100% N/D 32 Kentkart Global Elektronik Apeks Solution Technology Serbia Technology 55% N/D 33 Kürüm Holding 4 Hydro Electrical Power Plants Albania Energy 100% 147 Port of Durres 34 Kürüm Holding Albania Infrastructure 77% 31 (35 Year Concession) 35 Lokman Hekim Engürüsağ Sağlık Engürüsağ Erbil Genel Ticaret Iraq Healthcare 25% 3 Hydraulic Steering Systems 36 Orhan Holding Mexico Manufacturing 100% N/D Production Facility of Nexteer 37 OYAK Group Chemson Polymer-Additive AG Austria Petrochemicals 100% N/D San Clemente Island; 38 Permak Makina Italy Tourism 100% 197 San Clemente Palace Resort Chemicals Production Facilitiy of 39 Polisan Holding Greece Petrochemicals 100% 12 Artenius Hellas 40 Private investor Bourgas Shipyards Bulgaria Shipbuilding 100% 162 Internet & Mobile 41 Private Investor (Evren Üçok) propertyfinder.ae UAE N/D N/D Services 42 Rixos Hotels Fluela Hotel Switzerland Tourism 100% N/D 43 RMK-Merrill Stevens Properties Merrill-Stevens Dry Dock Co. USA Services 100% 8 44 Seramiksan Rondine S.p.A. Italy Manufacturing 50% N/D 45 Şişecam Fritz Holding Germany Manufacturing 100% N/D Truva Dairy Food Production 46 Sütaş Süt Ürünleri Romania Food & Beverage 100% 13 Facility 47 Toksöz Holding Pernigotti s.p.a. Italy Food & Beverage 100% N/D 48 Toksöz Holding Zumos Palma Spain Food & Beverage 100% N/D 49 Trakya Cam Sanayii TRSG Autoglass Holding BV Russia Manufacturing 30% 8 50 Trakya Cam Sanayii HNG Float Glass Limited India Manufacturing 50% 62 51 U.N Ro-Ro İşletmeleri Samer Seaports & Terminals Srl Italy Services 60% N/D ICAL spa 52 Vestel Elektronik Italy Manufacturing 100% N/D (Dikom, @Dikom brands) Internet & Mobile 53 yemeksepeti.com Click Delivery Greece N/D 4 Services Russia 54 Yıldırım Holding Chrome Division of Mechel Mining 100% 425 Kazakhstan 55 Yıldız Holding DeMet's Candy Company USA Food & Beverage 100% 221 Deloitte: Turkish Outbound M&A Review 2012-2013 Outbound M&A Review 2012-2013 Turkish Deloitte: 02 İAÜ Busines Review / Mart-Haziran 2014 BR 05 ILANLAR 6/12/14 2:15 PM Page 2 C M Y CM MY CY CMY K Composite Mart / Haziran 2014 İçindekiler / Contents 12 Gazi ERÇEL Uluslararası Likidite ve Türkiye / International Liquidity and Turkey Yurt Dışında Yatırım Yapan Türk Şirketleri / Turkish Outbound Acquisitions Özcan ERTUNA Yurt Dışında Yatırım Yapan Türk Şirketleri/ Turkish Outbound Acquisitions 18 Melih Uğraş EROL Türk Şirketlerinin Yurt Dışında Yatırım Yapması : Yasal Çerçeve/ 28 Outbound Acquisitions of Turkish Companies: Legal Frame Zeynep İltüzer: Arçelik’in Global Oyuncular 40 Arasına Girme Planları: Defy Satınalması / Plans of Arçelik to Become a Global Player: Purchase of Defy 04 İAÜ Busines Review / Mart-Haziran 2014 March / June 2014 Alev Dilek AYDın Ülker’in Globalleşme Girişimleri / Globalization Attempts of Ülker 46 Ahmet Hakan ÖZKAN 62 Gübretaş’ın Iran’daki Yatırımları / Investments of Gübretaş