Türkiye taps Ernst & Young to lead multi-billion-dollar bridge and highway privatization

Türkiye has appointed Ernst & Young LLP (EY) to oversee the multi-billion-dollar privatization of Istanbul’s two iconic Bosphorus bridges and a network of national highways, according to sources familiar with the matter.

The London-based firm will advise the government on the sale of operating rights for the 15 July Martyrs and Fatih Sultan Mehmet bridges—critical infrastructure linking Istanbul’s European and Asian sides—alongside at least nine toll highways, Bloomberg reported.

Sources added that Canada-based BTY Group has been selected as the technical advisor for the divestment, with the official tender process expected to launch later this year.

A 2012 attempt to privatize both bridges and 2,000 kilometers of highway drew a peak bid of $5.7 billion.

However, that process collapsed after then-Prime Minister Recep Tayyip Erdoğan characterized any sale under $7 billion as “treason.” The government is now signaling that it expects new offers to significantly exceed that previous threshold.

Some details regarding the advisory appointments were previously disclosed by Mergermarket.

In July, Transport Minister Abdulkadir Uraloğlu noted that approximately 430,000 vehicles cross the two bridges daily. Under current pricing, a standard passenger vehicle pays a toll of 59 liras ($1.36) per direction.

EY, a member of the “Big Four” accounting and audit firms alongside Deloitte, PricewaterhouseCoopers, and KPMG, has an established track record in the region.

According to its website, the firm has previously provided consultancy services for various Turkish infrastructure projects, including bridges, highways, and hospitals.