Turkey: Shareholders

In venture capital and private equity transactions, drag-along and tag-along rights are standard deal terms. In Turkish-law transactions, however, the real issue is usually not whether these clauses can be drafted.

On February 14, 2026, the Regulation on Transparency and Market Distorting Practices in Energy and Environmental Markets ("Regulation") constitutes an important regulation that comprehensively reshapes the transparency, oversight, and market integrity regime for energy and environmental markets in Turkey.

The Turkish Competition Board ("Board") determined that the transaction concerning the acquisition of 51% of the shares in Andar Elektromekanik Sistemler Sanayi ve Ticaret AŞ ("Andar") by H. Ibrahim Bodur Holding AŞ ("HIB Holding") does not constitute a concentration under Turkish merger control regime given that the transaction results in a shifting alliances structure post-transaction.