Key facts
- Goldman Sachs led EMEA M&A advisory in the first half of 2026 with a 44% market share.
- Total dealmaking in the EMEA region reached $676 billion, more than double 2025 levels.
- Goldman's market share was its highest since 2018, advising on 111 deals.
- JPMorgan was the second-largest advisor with a 35% market share from 99 deals.
- Rothschild advised on the highest number of deals with 163 transactions.
- Goldman advised on 15 of the top 20 largest deals, including the $45 billion sale of Unilever's food business.
Goldman Sachs has solidified its position as the leading mergers and acquisitions advisor in the Europe, Middle East, and Africa (EMEA) region during the first half of 2026, achieving its highest market share in nearly a decade, according to LSEG data. The overall M&A activity in EMEA surged to $676 billion, more than doubling from the previous year and marking a 19-year high, attributed partly to a backdrop of less stringent regulatory constraints.
Goldman Sachs advised on 111 deals, accounting for 44% of the total M&A value in EMEA for the period. This represents an increase from 42% in the same period of 2025 and is the bank's strongest first-half performance since 2018. The firm's lead over its closest competitor, JPMorgan, widened to 9 percentage points, with JPMorgan advising on 99 deals representing 35% of the market share. This is a slight narrowing from Goldman's 11-percentage-point lead in the first half of 2025.
While Rothschild advised on a greater number of deals (163), Goldman's dominance was driven by its involvement in 15 of the 20 largest transactions. Notable deals included advising on the approximately $45 billion sale of Unilever's food business to McCormick and TK Elevators' $34 billion combination with Kone. JPMorgan was involved in 13 of the largest deals but not the McCormick-Unilever transaction.
Bankers note that despite market volatility, companies are adopting a long-term strategic perspective. Carsten Woehrn, co-head of M&A in EMEA at Goldman Sachs, stated that companies are investing for decades ahead, not just quarters. The sustained leadership of Goldman Sachs in dealmaking is seen by finance experts as a reflection of a persistent competitive advantage that has evolved since the global financial crisis, with dealmaking becoming increasingly complex.