M&A Transaction Advisory in Turkey | SystemsCPA

Reviewed by Evren Özmen, CPA (SMMM)
Turkish Certified Public Accountant · Licensed by TÜRMOB, Reg. No. 35675 · Last reviewed September 2026

Transaction Advisory · Turkey

M&A Transaction Advisory in Turkey

Financial and tax due diligence for international buyers, investors and finance teams evaluating Turkish businesses — from quality of earnings and net debt to working capital, transaction tax and post-acquisition finance integration.

Our Approach

Understand the numbers before they become the purchase price.

Acquiring a Turkish business requires more than checking whether the financial statements reconcile. The key transaction questions usually sit beneath reported EBITDA, balance-sheet classifications, tax balances, related-party accounts and working-capital movements.

SystemsCPA supports international buyers by translating Turkish statutory accounting and tax records into the financial information required for an acquisition decision.

Our work focuses on the issues that can affect valuation, the enterprise-value-to-equity bridge, purchase-price adjustments and the buyer’s post-closing financial position.

Transaction Advisory Capabilities

Finance and tax analysis around the economics of the deal.

Scope is tailored to the transaction, target profile and buyer’s investment process. Typical workstreams include:

01

Financial Due Diligence

Review of historical financial performance, balance-sheet quality, cash generation, accounting classifications, related-party balances, unusual movements and other matters relevant to the transaction.

02

Quality of Earnings

Analysis of reported EBITDA to identify non-recurring, non-operating, owner-specific or unsustainable items and assess the earnings base underlying valuation.

03

Net Debt & Debt-Like Items

Identification of financial debt and potential debt-like exposures, including tax and social-security balances, shareholder accounts, factoring, accrued liabilities and other transaction-sensitive items.

04

Working Capital

Assessment of normalized working capital, seasonality, unusual movements and the working-capital level required for the business to operate on a normal basis after closing.

05

Tax Due Diligence

Review of material Turkish tax exposures, filing positions, withholding and VAT matters, payroll-related liabilities, corporate income tax matters and transaction-specific tax risks.

06

Post-Acquisition Finance

Support after closing with opening-balance-sheet review, account reconciliation, finance-function transition, reporting discipline and alignment with group requirements.

What We Test

The questions behind the headline numbers.

Due diligence should help the buyer understand what can change the economics of the transaction — not simply reproduce the target’s accounting records.

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Is reported EBITDA sustainable? We assess normalization items, unusual income or expenses and items that may not continue under new ownership.
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What should reduce equity value? We examine net debt and potential debt-like balances that may affect the enterprise-value-to-equity bridge.
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How much working capital does the business really need? Historical balances are reviewed for seasonality, one-off movements and normalized operating requirements.
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Are there hidden tax or payroll exposures? Turkish corporate tax, VAT, withholding, payroll, social-security and related compliance positions are reviewed based on the agreed scope.
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Will the finance function work after closing? We identify accounting, close, reconciliation and reporting issues that may become the buyer’s problem immediately after completion.

Engagement Process

A focused process built around the transaction.

STEP 01

Initial transaction review

We understand the proposed deal structure, target business, available financial information, transaction timetable and the buyer’s principal concerns.

STEP 02

Scope and information request

The workplan and requested information are tailored to the deal. This may include trial balances, tax filings, management accounts, payroll records, bank data, related-party balances and supporting schedules.

STEP 03

Financial and tax analysis

We test the relevant financial statements, underlying ledgers and tax positions and identify matters requiring further explanation or adjustment.

STEP 04

Deal-impact assessment

Findings are considered through a transaction lens: sustainable EBITDA, net debt, debt-like exposures, working-capital requirements and material tax risks.

STEP 05

Reporting and discussion

Findings are presented clearly for the buyer and its advisers, with emphasis on matters relevant to valuation, transaction documentation and post-closing priorities.

Why SystemsCPA

Turkish statutory detail. International transaction perspective.

Finance-first

We focus on the financial mechanics that matter to CFOs, investors and transaction teams rather than treating due diligence as a generic compliance exercise.

Local accounting depth

Our work is grounded in Turkish statutory books, tax filings, payroll records and account-level detail, helping bridge local records with the buyer’s deal model.

Post-closing continuity

Where required, our involvement can continue beyond due diligence into accounting transition, balance-sheet clean-up, month-end close and finance-function support.

FAQ

Transaction advisory in Turkey.

What is financial due diligence in a Turkish acquisition?

Financial due diligence evaluates the target’s historical financial performance, earnings quality, balance sheet, cash generation, working capital and potential debt-like items to help the buyer understand the economics behind the reported accounts.

Do you work with foreign buyers acquiring Turkish companies?

Yes. SystemsCPA’s transaction advisory work is designed primarily for international buyers, investors, finance teams and their advisers evaluating or integrating Turkish businesses.

Can financial due diligence affect the purchase price?

Yes. Findings relating to normalized EBITDA, net debt, debt-like items and working capital can be relevant to valuation, the enterprise-value-to-equity bridge and completion-account or purchase-price-adjustment mechanisms.

Can SystemsCPA also support the buyer after closing?

Yes. Depending on the engagement, support can extend to opening-balance-sheet review, reconciliation, accounting transition, monthly close, management reporting and ongoing Turkish finance and compliance operations.

Is legal due diligence included?

Our core scope is financial, accounting and tax-related. Legal due diligence and transaction-document legal advice should be performed by appropriately qualified legal counsel. We can work alongside the buyer’s legal and other professional advisers.

Considering a Turkish Acquisition?

Start with the financial questions that can change the deal.

If you are evaluating a Turkish company, we can discuss the target, transaction structure and appropriate financial and tax due-diligence scope before the review begins.

This page provides general information only and does not constitute legal, tax or investment advice. Transaction scope and procedures should be determined based on the specific facts of each acquisition.

Work with a licensed Turkish CPA firm

Turn Turkey compliance into certainty

SYSTEMS CPA supports foreign-owned companies with company formation, accounting, tax compliance and payroll in Turkey — one accountable local partner. Reviewed by Evren Özmen, SMMM (Certified Public Accountant), TÜRMOB Reg. No. 35675.

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Evren Özmen, CPA (SMMM)

Turkish Certified Public Accountant (SMMM), licensed by TÜRMOB — Reg. No. 35675. Advising international investors and companies on Turkish tax, accounting and compliance at OZM Consultancy, Istanbul.