Goldman Sachs Leads EMEA M&A Boom in First Half of 2026

This year, Goldman Sachs pulled further ahead in mergers and acquisitions advisory work across Europe, the Middle East, and Africa. The firm captured nearly half of the total M&A value for the region in the first half of 2026, marking the highest share it has held in this period since 2018.

The market itself roared back to life, with dealmaking more than doubling compared to 2025, reaching a staggering $676 billion - the busiest start to an M&A calendar in nearly two decades. This surge reflects a softer regulatory environment that has encouraged more corporate maneuvering.

Although JPMorgan made modest gains in narrowing Goldman's lead, the gap remains substantial. Goldman advised on 111 transactions, earning a 44% slice of the pie, while JPMorgan handled 99 deals, holding 35% market share. This is slightly down from Goldman's 46% slice two years ago, but still a dominant position overall.

Interestingly, when you count sheer deal numbers, independent boutique Rothschild led with 163 engagements, showcasing the ongoing impact of smaller firms in the advisory space. Yet Goldman's edge comes from steering the biggest fish - 15 of the top 20 deals for the region since January.

Some marquee transactions include Goldman's advisory role for Unilever (LSE: ULVR) on the $45 billion sale of its food division to McCormick, topping the chart in EMEA. It also advised TK Elevators' $34 billion merger with Kone, underscoring its grip on high-stakes deals. JPMorgan, by contrast, played a part in 13 of the largest deals but missed out on the Unilever-McCormick blockbuster.

The M&A ramp-up marks a rebound after a slowdown last year, partly triggered by political uncertainties following Donald Trump's return to the White House. Despite lingering volatility in markets, strategists say companies are locking in transformative deals with a long-term lens rather than quick wins.

Goldman's Carsten Woehrn put it simply: firms are stretching their horizons beyond immediate quarters, focusing on strategic positioning for years ahead. That mindset appears to be fueling robust deal activity, despite the unpredictable backdrop.

Bankers are keeping an eye on pending deals that could reshape rankings anew if any filings fall through - deals like Commerzbank's defensive stance against UniCredit's $28 billion pursuit illustrate ongoing jockeying. The M&A scene could yet shift further as the year unfolds and these large plays finalize.