JPMorgan and Houlihan Lokey have been identified as the leading financial advisers for mergers and acquisitions (M&A) within the technology, media, and telecom (TMT) sector in 2025, as per data from GlobalData.
According to the latest league table, JPMorgan secured the top position concerning deal value, having advised on transactions amounting to $435.5bn. Meanwhile, Houlihan Lokey led in terms of the number of deals, participating in 94 transactions.
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GlobalData’s Financial Deals Database provided the figures which show Morgan Stanley as the third-ranking adviser by deal value, with transactions totalling $253.4bn. In close succession, Goldman Sachs advised on $237.2bn worth of deals, while Allen & Company handled $235.6bn.
In terms of transaction volume, Morgan Stanley also held the third spot with involvement in 59 deals. Goldman Sachs followed with 49 transactions, and Evercore participated in 43 deals. This analysis includes only those deals valued at or above $1bn.
GlobalData lead analyst Aurojyoti Bose said: “JPMorgan and Houlihan Lokey were well ahead of others in the league tables by value and volume, respectively. This can be understood from the fact that Evercore occupied the second position in terms of value by advising on $278.1bn worth of deals, which is around 1.6x less compared to the total value of deals advised by JPMorgan.
“During 2025, JPMorgan advised on 32 billion-dollar deals that also included seven mega deals valued at more than $10bn. These big-ticket deals helped it gain a massive lead in terms of value.
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By GlobalData“Meanwhile, Houlihan Lokey just fell short of hitting triple-digit deal volume and was distantly followed by JPMorgan that stood at a distant second by volume with 65 deals.”
GlobalData’s league tables are based on the real-time tracking of thousands of company websites, advisory firm websites and other reliable sources available in 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.
