As of 8:00 a.m. EDT / 3:00 p.m. Türkiye time on September 24, 2026. This brief reviews developments from September 23 through September 24.

A major Turkish textile and apparel manufacturer — which has not been publicly identified — signed a brand licensing agreement on September 23 with a U.S. mid-market fashion brand for the exclusive manufacture and distribution of the brand's products in Türkiye, the Middle East, and Central Asia. The five-year agreement includes minimum royalty guarantees and performance milestones. The transaction is structured as a licensing arrangement rather than an equity acquisition.

Brand licensing agreements of this type are a common market entry mechanism for Turkish manufacturers seeking to access U.S. brand equity without the capital requirements of an equity acquisition. The key legal considerations include: the scope of the licensed territory and any exclusivity provisions; the quality control and brand standards obligations imposed on the licensee; the treatment of sublicensing rights for sub-distributors in the licensed territory; and the termination provisions, including the licensor's right to terminate for quality failures or minimum royalty shortfalls.

Turkish licensees should also assess the tax implications of royalty payments to a U.S. licensor under the U.S.-Türkiye tax treaty, including the applicable withholding tax rate and any transfer pricing documentation requirements for related-party licensing arrangements.

CFIUS approved a transaction involving the acquisition of a U.S. semiconductor design company by a non-U.S. acquirer on September 23, subject to a mitigation agreement. The mitigation agreement requires the acquirer to establish a security committee with U.S. citizen members, limit access to certain sensitive design files to U.S. persons, and submit to annual compliance audits by a CFIUS-approved third-party monitor.

The transaction illustrates CFIUS's current approach to semiconductor M&A: approval with mitigation rather than prohibition, provided the acquirer accepts meaningful structural and operational constraints. For Turkish companies evaluating acquisitions of U.S. semiconductor or advanced technology companies, the mitigation agreement framework provides a pathway to approval that should be considered in transaction planning.

Superior Group of Companies, a Florida-based manufacturer of branded uniforms, promotional products, and healthcare apparel, completed its acquisition of a regional healthcare apparel brand on September 23. The target serves hospital systems and healthcare networks across the southeastern United States with scrubs, lab coats, and patient apparel. The transaction value was approximately $78 million.

The acquisition expands Superior Group's healthcare apparel market share and adds a complementary brand to its existing healthcare product portfolio. Post-closing integration should address the combination of the target's manufacturing and distribution operations with Superior Group's existing supply chain and the treatment of the target's existing healthcare system supply agreements.

The Turkish textile brand licensing deal illustrates the licensing-as-market-entry strategy that Turkish manufacturers use to access U.S. brand equity. The CFIUS semiconductor mitigation approval provides a useful template for Turkish technology companies evaluating U.S. acquisitions in sensitive sectors.

This publication is for general informational purposes only and does not constitute legal advice.