JP Morgan has ranked first by deal value and Houlihan Lokey by deal volume among financial advisers for mergers and acquisitions (M&A) in the technology, media and telecom (TMT) sector during the first three quarters of 2025, according to research from GlobalData.

The analysis, based on GlobalData’s Financial Deals Database, shows JP Morgan advised on transactions totalling $158.4bn.

Houlihan Lokey led by the number of deals, providing services on 70 transactions.

GlobalData lead analyst Aurojyoti Bose said: “Houlihan Lokey retained its top adviser position by volume from Q1-Q3 2024. Interestingly, the company advised on the same number of deals during Q1-Q3 2024 as well as Q1-Q3 2025.

“Meanwhile, there was more than a double-fold jump in the total value of deals advised by JP Morgan during Q1-Q3 2025 compared to Q1-Q3 2024, due to its involvement in several big-ticket deals.

“Resultantly, its ranking by value improved from the fifth position to the top position. During Q1-Q3 2025, JP Morgan advised on 19 billion-dollar deals that also included four mega deals valued more than $10bn.”

Goldman Sachs secured the second spot in terms of deal value, advising on $150.1bn worth of transactions.

Evercore followed with $71.8bn, Barclays with $57.1bn, and Morgan Stanley with $49.2bn in advised deal value for the same period.

Regarding the number of transactions, JP Morgan came in second with 46 deals.

Goldman Sachs and Evercore each advised on 34 deals, while Raymond James Financial participated in 31.

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.