Goldman Sachs further consolidated its leadership in EMEA mergers and acquisitions advisory in the first half of 2026, according to LSEG league table data. The bank advised on deals that amounted to 44% of the region's M&A value from January through June, marking its strongest showing for that half-year window since 2018.
LSEG reported that total deal value in the EMEA region reached $676 billion in the first six months of 2026, a figure that more than doubles activity seen in 2025 and represents a 19-year high. Market participants attributed some of the surge to a backdrop of eased regulatory constraints.
Goldman advised on 111 announced transactions during the period, and its 44% share of the region's M&A value represents an increase from 42% in the same span a year earlier. Globally, the firm held a 38% market share for the period.
JPMorgan, the next-largest adviser in EMEA, worked on 99 announced deals and accounted for 35% of regional M&A value. That left Goldman with a 9 percentage point lead over JPMorgan in the first half of 2026, slightly narrower than the 11 percentage point gap observed for the comparable period in 2025 when measured by historical league table data.
Although Goldman topped the charts by value, independent advisory boutique Rothschild advised on a larger tally of individual transactions, with 163 deals announced in the region during the first half of the year. Goldman’s dominant share by value was driven largely by its involvement in 15 of the 20 largest transactions recorded in the period.
Among those major assignments, Goldman acted (jointly with Morgan Stanley in one instance) on the roughly $45 billion sale of Unilever’s food business to McCormick, the single largest transaction in EMEA over the reporting period. The bank also advised on TK Elevators’ approximately $34 billion combination with Kone. JPMorgan participated in 13 of the 20 largest deals but was not a party to the McCormick-Unilever transaction.
Dealmaking dynamics in 2025 had been affected by initial uncertainty tied to the U.S. presidential transition at the start of that year, contributing to a pause in M&A activity. Market volatility remains elevated, and bankers note that ranking in league tables could shift substantially if announced deals fail to complete and subsequently drop out of the rankings.
For example, Goldman advised Commerzbank in the context of the German lender's efforts to defend against a roughly $28 billion bid from UniCredit. Whether transactions such as this complete will influence final league table positions for the year.
Despite market turbulence, some corporate clients have continued to pursue strategic transactions. "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.
Regional implications
The surge in EMEA M&A has implications across corporate, banking and advisory sectors. Higher transaction volumes boost fee pools for lead advisers and indicate active strategic reshaping by non-financial corporates, while the durability of this trend depends on deal completion rates and market stability.