Goldman Sachs widened its lead in the mergers and acquisitions (M&A) advisory market across Europe, the Middle East and Africa (EMEA) during the first half of 2026, securing its largest share of the regional market in nearly a decade, according to LSEG data reviewed by Reuters.
The surge came amid a sharp revival in dealmaking activity across the region. Total announced M&A transactions in EMEA reached $676 billion during the January-June period, more than double the level recorded a year earlier and the highest first-half total in 19 years. The rebound has been supported by a more favourable regulatory environment and improving corporate confidence, Reuters reported.
Goldman Sachs advised on 111 deals, accounting for 44% of the total value of announced EMEA M&A transactions during the first six months of the year. The bank's market share rose from 42% in the corresponding period of 2025, marking its strongest first-half performance since 2018, when it captured a 46% share of the market.
Although JPMorgan narrowed the gap slightly, Goldman maintained a comfortable lead. JPMorgan advised on 99 deals, representing 35% of the market by value. Goldman's lead over its closest rival narrowed to 9 percentage points from 11 a year earlier, based on historical league table data analysed by Reuters.
On the global stage, Goldman also retained the top advisory position, capturing 38% of worldwide M&A activity by value and advising on more deals than any other investment bank.
Goldman's leadership was driven by its involvement in several of the region's biggest transactions. While independent advisory firm Rothschild worked on the highest number of deals overall, advising on 163 transactions, Goldman ranked ahead by participating in 15 of the 20 largest deals announced in EMEA during the period.
Among the marquee transactions were Unilever's approximately $45 billion sale of its food business to McCormick, where Goldman advised alongside Morgan Stanley, and TK Elevators' $34 billion combination with Kone. Reuters reported that JPMorgan, despite advising on 13 of the region's largest deals, was not involved in the Unilever-McCormick transaction.
The rebound in dealmaking follows a subdued 2025, when uncertainty surrounding the return of U.S. President Donald Trump to the White House weighed on corporate transactions. Despite continued market volatility, investment bankers told Reuters that companies are increasingly focusing on long-term strategic acquisitions rather than short-term market fluctuations.
League table rankings could still change over the remainder of the year if announced deals fail to close and are removed from the rankings. Reuters noted that Goldman is also advising Commerzbank as the German lender seeks to resist a $28 billion takeover approach from UniCredit.
