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:
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.
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.
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.
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.
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.
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.
Engagement Process
A focused process built around the transaction.
Initial transaction review
We understand the proposed deal structure, target business, available financial information, transaction timetable and the buyer’s principal concerns.
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.
Financial and tax analysis
We test the relevant financial statements, underlying ledgers and tax positions and identify matters requiring further explanation or adjustment.
Deal-impact assessment
Findings are considered through a transaction lens: sustainable EBITDA, net debt, debt-like exposures, working-capital requirements and material tax risks.
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.
M&A Insights
Technical guidance for buyers evaluating Turkish targets.
Our transaction guides examine the accounting and financial issues most likely to affect valuation, purchase price and post-closing exposure.
Buying a Company in Turkey: Financial & Tax Due Diligence Guide
The core financial, accounting and tax questions for international buyers.
Quality of Earnings in Turkish M&A
How normalized EBITDA can differ from reported profitability.
Net Debt & Debt-Like Items in Turkish M&A
What may reduce the equity value paid by the buyer.
Working Capital Adjustments in Turkish M&A
How normalized working capital can affect the final purchase price.
Finance Clean-Up & Balance-Sheet Remediation in Turkey
Resolving accounting and reconciliation issues before or after a transaction.
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.
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.
