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M&A Encumbered Risks Damping Hot Money Bond Party: Turkey Credit

Image Turkish company valuations at double those of peers augur another challenging year for mergers and acquisitions, leaving the country more dependent on so-called hot money to finance its current-account shortfall. M&A deals, which last year fell to 30 percent of their pre- financial crisis average, may struggle to overcome an increase in prices, according to Istanbul-based buyout firms Unlu & Co. and Turkven Private Equity. The enterprise value of listed Turkish companies is 9.5 times earnings before interest, tax, depreciation and amortization, more than double Russia and Poland, according to data compiled by Bloomberg. The MSCI Emerging Markets Index multiple is 7.4.
 
  • Published in Turkey
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