Goldman dominates first-half M&A as dealmaking surges in EMEA

By Anousha Sakoui

LONDON, July 3 (Reuters) – Goldman Sachs increased its share of mergers and acquisitions advisory work involving Europe, the Middle East and Africa in the first half of 2026, capturing the biggest slice of the market in the period for nearly a decade, LSEG data showed.

Dealmaking in the region totalled $676 billion during the first half of 2026, more than double 2025 levels and a 19-year high, the data showed, reflecting a backdrop of looser regulatory constraints.

Goldman, which is also the global leader, has long led the advisory sector in EMEA, although in the first half of this year the second biggest bank in the EMEA sector, JPMorgan, managed to slightly narrow its lead, analysis of the LSEG data showed.

Goldman advised on 111 deals, representing 44% of the EMEA M&A total by value in the first six months of 2026, up from 42% in the same period a year earlier, the data showed.

The bank’s share was its highest for the January-June period since 2018, when it reached 46%.

Compared with its rivals, it held a 9 percentage point lead over JPMorgan which advised on 99 announced deals, representing 35% market share. That was down from Goldman’s lead of 11 percentage points over JPMorgan in the first half of 2025, according to an analysis of historical league table data.

Globally, Goldman has a 38% market share and had advised on the biggest number of deals of any adviser.

GOLDMAN ADVISED ON THE BIGGEST DEALS

In terms of the numbers of deals, independent advisory boutique Rothschild, which advised on 163 deals, outstripped Goldman, whose overall lead was based on its advising on 15 of the largest 20 deals.

That included advising Unilever (alongside Morgan Stanley) on the about $45 billion sale of its food business to McCormick, the largest over the period in EMEA, as well as TK Elevators on its $34 billion combination with Kone.

Its closest rival in the region, JPMorgan, worked on 13 of the biggest deals and was not involved in McCormick’s merger with Unilever.

Last year, M&A activity stalled in the initial uncertainty linked to U.S. President Donald Trump’s return to the White House at the start of last year. Markets remain highly volatile and bankers have said league tables could alter substantially this year if deals are not completed and drop out of the ranking.

Goldman for instance advised Commerzbank, which has been seeking to fend off a $28 billion bid from UniCredit.

However, bankers also say companies have actively decided to look beyond market turbulence.

“Companies are taking a long-term strategic view and investing for where they want to be in the coming decades, not just the next few quarters,” said Carsten Woehrn, co-head of M&A in EMEA at Goldman Sachs.

Goldman’s dominance in dealmaking highlights a shift in the competitive landscape since the global financial crisis, after which the field became narrower, according to Valeria Vitkova, associate professor of finance at Bayes Business School.

“The firm’s sustained leadership reflects more than simply a succession of favourable years. It appears to represent a sustained competitive advantage that has persisted throughout the post-crisis period,” said Vitkova, who added that in that period dealmaking has become more complex.

(Reporting by Anousha Sakoui. Editing by Barbara Lewis)