Goldman Sachs strengthened its hold on M&A advisory work in Europe, the Middle East and Africa during the first six months of 2026, capturing its largest share for the January-June period since 2018, according to LSEG figures.
The region saw a pronounced uptick in dealmaking activity, with total announced transactions amounting to $676 billion in the first half of 2026. That sum is more than double the total recorded for the same period in 2025 and marks a 19-year peak in EMEA M&A value, the data show. Analysts attribute part of the surge to a backdrop of looser regulatory constraints cited in the data.
Within that volume, Goldman advised on 111 transactions, which represented 44% of the EMEA M&A market by value for the first half of the year. That percentage rose from 42% in the same period a year earlier, and it is the bank’s strongest showing for the January-June span since it attained a 46% share in 2018.
By comparison, JPMorgan advised on 99 announced deals and held a 35% share of the EMEA M&A market in the period, leaving Goldman with a 9 percentage point advantage in the region. That gap narrowed slightly from the 11 percentage point lead Goldman held over JPMorgan in H1 2025, based on analysis of historical league table data.
On a global basis, Goldman also led by deal count and is credited with a 38% share of the worldwide advisory market in the period, according to the same dataset.
Largest transactions and deal composition
Goldman’s regional dominance was amplified by its presence on several of the biggest transactions recorded in the period. The bank advised on 15 of the 20 largest EMEA deals, a concentration that underpinned its market share by value. Notably, Goldman worked with Morgan Stanley to advise Unilever on the roughly $45 billion sale of its food business to McCormick, the single largest transaction in the region during the half-year. The firm also advised TK Elevators on its approximately $34 billion combination with Kone.
Independent advisory boutique Rothschild led the market by number of deals, advising on 163 announced transactions in the first half of 2026, surpassing Goldman on deal count though not on value-weighted market share. JPMorgan worked on 13 of the largest deals in the region and was not involved in the McCormick-Unilever transaction.
Market context and strategic outlook
The first half of 2026 followed a year in which M&A activity initially slowed amid uncertainty tied to the return of U.S. President Donald Trump to the White House at the start of 2025, according to market commentary included in the dataset. Even as markets remain highly volatile, bankers caution that current league table positions could change materially if announced transactions fail to complete and fall out of rankings.
The analysis also points to a degree of deliberate strategic decision-making by corporate buyers and sellers. "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.
Goldman’s advisory role extended to contested situations as well: the bank advised Commerzbank as it sought to counter a roughly $28 billion bid from UniCredit, according to the same reporting.
Competitive persistence and structural changes
Observers of the advisory sector note that Goldman’s leadership in EMEA reflects a longer-term trend of consolidation and increasing complexity in dealmaking since the global financial crisis. One academic commentator described the bank’s continued predominance as more than a series of favorable years, characterizing it instead as a sustained competitive advantage persisting through the post-crisis period as deals have grown more intricate.
As league tables for the first half of 2026 show, market share is determined not only by the number of mandates but by participation in the largest, value-dense transactions. In this cycle, Goldman’s role on a disproportionate share of high-value deals has been decisive in elevating its weighted market position across EMEA.
Summary
In H1 2026, EMEA M&A reached $676 billion, a 19-year high and more than twice the value of H1 2025. Goldman Sachs increased its regionally weighted market share to 44% by advising on 111 deals, including 15 of the 20 largest transactions, while JPMorgan held a 35% share from 99 deals. Rothschild led on deal count with 163 engagements. Market observers warn that volatility and deal slippage could reshape standings if announced transactions are not completed.