A typical private M&A transaction process in Turkey follows customary international practices, although more often than not there is a single potential buyer, especially in smaller deals. Where there are multiple potential buyers, an auction process similar to that commonly conducted in jurisdictions such as the United Kingdom and the United States may be undertaken. There are no specific Turkish laws or regulations pertaining to private auctions.

A typical private M&A process includes the following main steps:

• the buyer and the seller negotiate and execute a term sheet, which will outline the major terms to be included in the final transaction documents;

• the prospective investor and its advisers conduct their due diligence of the target company;