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Barclays, Houlihan Lokey top TMT M&A advisory rankings H1 2025


TMT sector M&A Top 10 financial advisers in H1 2025. Source: GlobalData.

Barclays and Houlihan Lokey have emerged as the leading financial advisers in the technology, media, and telecom (TMT) sector for mergers and acquisitions (M&A) during the first half of 2025, according to data and analytics firm GlobalData’s latest league table.

As per GlobalData’s Deals Database, Barclays led by deal value, advising on transactions worth $51.3bn. This marked a significant rise from its tenth place ranking in the same period last year, driven by a 170.6% increase in deal value. A key contributor to this rise was the $32bn Google-Wiz deal.

In terms of deal volume, Houlihan Lokey topped the list in H1 2025 by handling 34 transactions.

GlobalData lead analyst Aurojyoti Bose said: “Houlihan Lokey was the top adviser by deal volume in H1 2024 and managed to retain its leadership position by this metric in H1 2025 despite experiencing year-on-year fall in the total number of deals advised by it.

“It is noteworthy that eight of top 10 advisers by volume experienced a decline in the total number of deals advised by them during H1 2025 compared to H1 2024.

“Meanwhile, Barclays registered a massive 170.6% jump in the total value of deals advised by it during H1 2025 compared to H1 2024. Resultantly, its ranking by value took a leap from the 10th position in H1 2024 to the top position in H1 2025.”

In the value rankings, Goldman Sachs followed Barclays by advising on $48.8bn worth of deals. JP Morgan, Evercore, and Morgan Stanley occupied the subsequent positions with deal values of $42.1bn, $40.3bn and $37bn, respectively.

JP Morgan ranked second in terms of volume by advising on 28 deals in H1 2025. Goldman Sachs and Evercore each managed 19 deals, and Clearwater completed 18 transactions in the same period.

GlobalData’s league tables are based on the real-time tracking of thousands of company websites, advisory firm websites and other reliable sources available on the secondary domain. A dedicated team of analysts monitors all these sources to gather in-depth details for each deal, including adviser names.

To ensure further robustness to the data, the company also seeks submissions of deals from leading advisers.



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