GlobalData has released its latest Financial and Legal Adviser League Tables, ranking advisers by the total value and volume of merger and acquisition deals in the technology, media and telecom sector during 2025. The findings highlight the dominance of a handful of global banks and law firms across high-value and high-volume transactions.
Financial advisers dominate TMT M&A by value and volume
JPMorgan and Houlihan Lokey emerged as the top financial advisers in the global TMT M&A market in 2025, leading the rankings by deal value and deal volume, respectively.
According to GlobalData’s Financial Deals Database, JPMorgan secured the top position by value after advising on deals worth $435.5 billion during the year. The bank benefited from its role in 32 billion-dollar transactions, including seven mega deals valued at more than $10 billion, giving it a significant lead over competitors.
Houlihan Lokey ranked first by volume, advising on 94 TMT M&A deals in 2025, narrowly missing a triple-digit tally. JPMorgan followed in second place by volume with 65 deals, reflecting its strong presence across both large and mid-sized transactions.
Evercore ranked second by deal value, advising on $278.1 billion worth of transactions, which was about 1.6 times lower than JPMorgan’s total. Morgan Stanley took third place by value with $253.4 billion, followed by Goldman Sachs with $237.2 billion and Allen & Company with $235.6 billion, despite advising on a relatively smaller number of deals.
In terms of deal volume, Morgan Stanley ranked third with 59 deals, followed by Goldman Sachs with 49 deals and Evercore with 43 deals, underscoring consistent activity among leading global investment banks in the TMT space.
The global TMT sector M&A landscape in 2025 was led by JPMorgan, which topped the rankings by deal value, advising on 65 transactions worth $435,483 million. The bank recorded a sharp increase from 2024, moving up from fifth position by value.
Evercore ranked second by deal value, advising on 43 deals with a total value of $278,076 million, despite a lower deal count compared with the previous year. Morgan Stanley secured the third position, completing 59 deals valued at $253,360 million, maintaining strong momentum across large-scale technology and media transactions.
Goldman Sachs ranked fourth, advising on 49 deals worth $237,217 million, while Allen & Company placed fifth with a relatively smaller 11 deals, but a high deal value of $235,555 million, underlining its focus on marquee transactions in the technology and media space.
Barclays ranked sixth, completing 37 deals valued at $197,652 million, followed by Bank of America with 17 deals totaling $177,438 million. Wells Fargo advised on 13 deals worth $176,945 million, while Citi recorded 24 deals with a total value of $167,681 million. Centerview Partners rounded out the top ten by value, advising on 16 deals worth $160,848 million.
By deal volume, Houlihan Lokey led the TMT M&A advisory league table in 2025, completing the highest number of transactions at 94 deals, with a total deal value of $9,772 million. JPMorgan ranked second by volume with 65 deals, while Morgan Stanley followed closely with 59 deals.
Goldman Sachs completed 49 deals, Evercore advised on 43 deals, and Ernst & Young handled 40 transactions. Raymond James Financial completed 38 deals, Barclays advised on 37 deals, Stifel/KBW closed 34 deals, and Rothschild & Co completed 33 transactions, reflecting strong activity among mid-market and advisory-focused firms.
Aurojyoti Bose, Lead Analyst at GlobalData, said JPMorgan’s commanding lead was driven by its involvement in multiple large and mega transactions, while Houlihan Lokey’s strength reflected its focus on a high number of advisory mandates across the sector.
Latham & Watkins tops legal adviser rankings
In the legal advisers league table, Latham & Watkins claimed the top position in the TMT sector during 2025 by both deal value and volume.
GlobalData’s analysis shows that Latham & Watkins advised on 164 deals worth $370 billion, making it one of only two legal advisers to achieve a triple-digit deal count during the year. The firm advised on 29 billion-dollar deals, including seven mega deals valued above $10 billion, strengthening its leadership by value as well.
Kirkland & Ellis ranked second by volume with 141 deals, followed by Wilson Sonsini Goodrich & Rosati with 85 deals, CMS with 83 deals, and DLA Piper with 81 deals, reflecting strong competition among global law firms for TMT mandates.
By deal value, Wachtell, Lipton, Rosen & Katz ranked second after Latham & Watkins, advising on transactions worth $368.8 billion. Cravath Swaine & Moore followed with $247 billion, while Simpson Thacher & Bartlett and Skadden, Arps, Slate, Meagher & Flom advised on deals worth $216.1 billion and $205.1 billion, respectively.
Big-ticket deals shape TMT advisory rankings
The 2025 league tables underline the growing importance of billion-dollar and mega deals in shaping adviser rankings across the technology, media and telecom sector. While firms such as JPMorgan and Latham & Watkins dominated by value due to their involvement in large transactions, advisers like Houlihan Lokey and Kirkland & Ellis stood out for their high deal volumes, highlighting differing advisory strategies in an increasingly competitive global M&A market.
RAJANI BABURAJAN
