Morgan Stanley and Houlihan Lokey have emerged as the leading financial advisers for mergers and acquisitions (M&A) by value and volume, respectively, in the technology, media, and telecom (TMT) sector in 2023, as per GlobalData’s latest financial advisers league table.  

The deals database of GlobalData, a leading data and analytics company that is the parent of Verdict, indicates that Morgan Stanley topped the rankings in terms of value by advising on deals worth $111.4bn in the TMT sector. 

Meanwhile, Houlihan Lokey’s advisory on 62 deals in the TMT sector in 2023 placed it at the forefront in terms of volume. 

GlobalData lead analyst Aurojyoti Bose said: “Morgan Stanley was one of the only two advisers with more than $100bn in total deal value in 2023. It also witnessed its ranking by value improve from third position in 2022 to the top position in 2023.  

“Its involvement in 19 billion-dollar deals (valued more than or equal to $1bn), including three mega deals valued more than $10bn, helped Morgan Stanley to top the chart by value in 2023. 

“Meanwhile, Houlihan Lokey, which was the top adviser by volume in 2022, retained its leadership position by this metric in 2023 as well. It was the only adviser to have advised on more than 50 deals during the year.”  

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By GlobalData

In the value category, Morgan Stanley was closely followed by Goldman Sachs and UBS. 

According to Globaldata’s deals database, Goldman Sachs advised on approximately $100.3bn M&A deals in 2023, while UBS advised on deals worth $78.7bn. 

The fourth and fifth spot in the TMT sector M&A deals by value was occupied by JP Morgan with $76.4bn and Qatalyst Partners with $63.9bn. 

In terms of volume of deals, Rothschild & Co took the second spot with 46 deals in 2023.  

PwC with 41 deals, KPMG with 40 deals, and Lazard with 36 deals stood as key players in the TMT M&A advisory space for 2023. 

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.