As of 8:03 a.m. EDT / 3:03 p.m. Türkiye time on September 4, 2026. This brief reviews developments from September 3 through September 4.

Margün Enerji Üretim Sanayi ve Ticaret A.Ş. completed its acquisition of 100% of Hez Enerji İnşaat San. ve Tic. A.Ş. on September 3 for $105.5 million, approximately TRY 5.09 billion. The sellers were Bilecik Demir Çelik A.Ş. with 85% and OSM Grup Enerji Mühendislik İnşaat A.Ş. with 15%. Margün acquired all shares, voting rights, and control.

Hez Energy owns the 24 MWm HEZ MORALI JES-1 geothermal facility in Germencik, Aydın, which began operations in November 2024. The deal package also includes three geothermal license areas in Sarayköy and Buldan, Denizli, and Alaşehir, Manisa. An independent valuation placed the subject assets at approximately $131.16 million, above the stated acquisition price.

This is a conventional 100% share acquisition, so historic contractual, tax, environmental, and other liabilities remain with the acquired legal entity. The value case includes both the operating generating asset and longer-term development rights. Post-closing work should track the generation license and related administrative approvals, geothermal licenses, wells and land rights, grid connection, environmental liabilities, YEKDEM rights, and the survival periods for warranty and indemnity claims. Current operating assets should be economically distinguished from future project CAPEX for the new 72 MW and other licensed areas.

Z Gayrimenkul Yatırım Ortaklığı A.Ş. signed an acquisition agreement on September 3 with the Ankara Chamber of Industry's Second and Third Organized Industrial Zone for a hotel structure on block 100510 in Ankara. The auction price is TRY 200 million plus VAT, and title-transfer work remains ongoing.

The purchaser positions the investment as the first project in an industrial-hotel concept for organized industrial zones and is considering a global hotel brand or professional operator. This is a direct real-estate asset acquisition, not a share transaction: target-company debt risks are reduced, but title, permitted use, OSB rules, tender conditions, construction status, and technical obligations become central.

Before title transfer, the buyer should review encumbrances, organized-industrial-zone use conditions, zoning and occupancy status, and incomplete construction obligations. If a global operator is engaged, the acquisition documents should be supplemented by a hotel management or franchise agreement addressing FF&E investment, minimum performance tests, and termination rights.

Kocaer Çelik Sanayi ve Ticaret A.Ş. completed the formation of KCR Steel U.S. LLC, a wholly owned Texas subsidiary, on September 3. The company is intended to conduct manufacturing, sales, and marketing activities in the United States and to expand Kocaer's American customer base.

The formation is greenfield cross-border corporate structuring rather than M&A, but it is a meaningful example of a Turkish industrial business establishing a durable local U.S. operating presence. Kocaer can develop U.S. manufacturing and commercial activity through a local entity rather than solely exporting from Türkiye.

The parent and KCR Steel should put intercompany sales, procurement, licensing, and service agreements in place early, alongside transfer-pricing policies, U.S. federal and Texas tax analysis, customs and trade-remedy controls, product-liability allocation, and employment and facility compliance. If Kocaer later pursues a U.S. manufacturer or facility acquisition, the subsidiary may also serve as the acquisition vehicle.

Source: Kocaer Çelik KAP disclosure

Nvidia Corp. announced its acquisition of Hugging Face on September 3 for approximately $12.93 billion. The reported shareholder payment is approximately $11.9 billion, supplemented by up to $1 billion of share-based employee retention incentives. Nvidia has stated that Hugging Face will remain open to the broader AI ecosystem, allowing users to continue using their preferred models, chips, and cloud platforms.

The transaction is more than a software acquisition. It advances Nvidia vertically from the GPU layer toward model discovery, deployment, and the developer ecosystem. Because Hugging Face hosts models and services associated with AMD, Amazon, and other Nvidia competitors, platform neutrality is likely to be a significant competition-law issue.

Merger-control review may focus on self-preferencing, access for rival hardware, bundling, and whether Nvidia can access competitors' confidential developer information. Transaction documents and post-closing governance should establish information barriers, nondiscrimination principles, continuity for open-source licenses, and segregation of developer data. The retention package's vesting and service conditions will also be important to preserving deal value.

Flex Ltd. agreed to acquire EPC Power for $4.4 billion, funded by debt and equity with committed financing from Citi and Bank of America. EPC Power develops power-conversion systems used in data centers and electric grids and has deployed more than 15 GW of systems across 62 countries. Closing is expected in the fourth quarter of 2026.

Flex plans to include EPC in its Cloud and Power Infrastructure segment, then separate that CPI business into an independent public company in the first quarter of 2027. The deal is therefore an acquisition, integration, and spin-off sequence rather than a one-step M&A event.

A carve-out-ready operating model is preferable from closing. IP, employees, customer arrangements, manufacturing, debt, shared services, and IT systems should be allocated with the planned separation in mind. If a tax-efficient spin-off is intended, the acquisition financing and subsequent debt allocation must align with the separation's tax structure.

Shareholders of Dominion Energy Inc. and NextEra Energy Inc. approved their approximately $66.8 billion merger on September 3. Regulatory approvals remain pending. If completed, the combined group would create a strategically important U.S. utility platform, particularly given the large concentration of data-center demand in Virginia.

Shareholder approval removes a material execution risk, but utility M&A's most demanding work often follows that vote. Federal review is only one element: state utility commissions can impose distinct conditions relating to rates, customer bills, investment commitments, employment, and regional competition. Public-interest approval is an independent closing risk even where antitrust clearance is obtained.

The merger agreement's regulatory-efforts covenant should be read with precision against any rate caps, investment commitments, employment protections, or divestitures that the buyer must accept. The scope of an acceptable remedy package should be clear before closing pressure increases.

XTEND Reality Expansion Ltd. completed its combination with JFB Construction Holdings on September 3. The resulting public company, XTEND AI Robotics Inc., is expected to trade on the NYSE under the symbol XTND from September 4. The initially announced implied transaction value was approximately $1.5 billion, and the company reported approximately $110 million of aggregate capital connected to the transaction.

The combination is not a standard cash acquisition. Through a series of mergers, both XTEND and JFB became wholly owned subsidiaries of the newly formed public parent. A $60 million minimum-cash condition was met with approximately $67.7 million delivered at closing.

The transaction combines public-company financing and governance with defense-technology compliance. Post-closing priorities include NYSE and SEC reporting, board independence, internal controls, NDAA compliance, government contracts, ITAR/EAR obligations, security clearances, and technical-data rights. Investor rights and information-access arrangements must not permit disclosure of defense technology to unauthorized persons.

Margün–Hez is the period's principal Türkiye M&A closing: a full share acquisition of an operating geothermal company alongside long-term license and development rights. Kocaer's Texas subsidiary shows continuing Turkish industrial investment in local U.S. operations. In the United States, Nvidia–Hugging Face raises platform-neutrality issues in vertical AI M&A, while Flex–EPC Power shows why acquisition and corporate-separation documentation must be designed together from the outset.

This publication is for general informational purposes only and does not constitute legal advice. Transaction structures, regulatory requirements, and legal consequences depend on the specific parties, documents, jurisdictions, and facts involved.