Goldman Sachs has strengthened its position as the top advisor for mergers and acquisitions in Europe, the Middle East, and Africa, claiming its largest share of that market for the January-through-June period in nearly ten years, according to data from LSEG.
The total value of deals struck in the EMEA region during the first six months of 2026 reached $676 billion — more than twice the level seen in 2025 and the highest figure recorded in 19 years. Analysts point to a more relaxed regulatory environment as a key driver behind the surge.
Goldman, which also leads the global rankings, advised on 111 deals during the period, accounting for 44% of all EMEA merger and acquisition activity by value. That figure is up from 42% during the same stretch in 2025, and marks the bank’s strongest showing for the first half of a year since 2018, when it held a 46% share.
The second-ranked bank in the EMEA market, JPMorgan, managed to close the gap slightly compared to last year. Goldman’s lead over JPMorgan stood at 9 percentage points, down from an 11-point advantage in the first half of 2025. JPMorgan advised on 99 announced deals, representing a 35% share of the market. On a global scale, Goldman holds a 38% market share.
While Goldman led in total deal value, independent advisory firm Rothschild outpaced it in sheer volume, advising on 163 transactions. Goldman’s edge came from its involvement in the biggest deals — it advised on 15 of the top 20 transactions in the region during the period.
Among those major deals, Goldman advised Unilever — alongside Morgan Stanley — on the roughly $45 billion sale of its food division to McCormick, which was the largest single transaction in EMEA during the period. Goldman also advised TK Elevators on its $34 billion combination with Kone. JPMorgan, by comparison, was involved in 13 of the top 20 deals and was not part of the McCormick-Unilever transaction.
Goldman also advised Commerzbank, which has been working to resist a $28 billion takeover bid from UniCredit.
Deal activity had slowed last year amid uncertainty following U.S. President Donald Trump’s return to the White House. Bankers caution that league table standings could shift significantly if pending deals fall through before completion.
Still, many executives say businesses are choosing to press ahead despite the unsettled market conditions. Carsten Woehrn, co-head of M&A in EMEA at Goldman Sachs, put it this way: “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.”
