Turkey is moving forward with a multibillion-dollar privatization of the operating rights for two landmark Istanbul bridges, the 15 July Martyrs and Fatih Sultan Mehmet bridges, which connect the European and Asian sides of Istanbul, as well as a string of at least nine toll roads. EY, one of the "Big Four" accounting firms, has been hired to lead the advisory role for this sale, with Canada-based BTY Group appointed as a technical adviser. Around 430,000 vehicles cross these two bridges daily, generating significant revenue, with a standard car paying approximately 59 liras ($1.36) per toll, according to recent fares.
This initiative marks a renewed effort after a previous attempt in 2012 to privatize both bridges and 2,000 kilometers (1,243 miles) of highways. That prior bid, valuing the assets at $5.7 billion over 25 years, was rejected in 2013 by then-Prime Minister (now President) Recep Tayyip Erdogan, who deemed any sale below $7 billion as "treason." The government now expects new bids to surpass this $7 billion threshold. Officials clarified that the process is not an outright sale of the bridges but rather a transfer of operating rights for a defined period, aligning with Law No. 4046 on privatization practices established in 1994.
The Turkish presidency initially denied reports of an outright sale, emphasizing that only operating rights would be transferred, with the state retaining ownership of the infrastructure. The move has generated political debate within Turkey, with the principal opposition party, the CHP, expressing concerns. CHP Deputy Chair Deniz Yavuzyılmaz claimed that the privatization could cost the public at least $48 billion, citing that the two bridges and seven highways generated a net public income of $600 million in 2025 alone. Finance Minister Mehmet Şimşek, however, stated that the preparatory work by the Privatization Administration is routine for assets already designated for such programs.
Recent reports indicate that a Turkish government team, accompanied by advisors from EY, has begun meeting potential bidders. In recent weeks, they visited Portugal to engage with senior executives at Brisa, Portugal's largest highway operator. While Brisa, EY, and Turkey's privatization board declined to comment on the specifics, these meetings suggest that Ankara is progressing from preliminary work toward a formal tender process, with some speculation that tender specifications could be released as early as May or June.
It was reported by Bloomberg that France's Meridiam was also eyeing Istanbul's Bosporus bridges. Meridiam, a global infrastructure investor, is known for its involvement in various public-private partnerships worldwide, and its potential interest underscores the significant value and strategic importance of these infrastructure assets.
