UK-based analytics firm GlobalData has announced the latest updates to its Financial and Legal Adviser League Tables for the first half (H1) of 2025. The tables rank advisers by the total value and volume of merger and acquisition (M&A) deals they advised on in the construction sector. 

The US' Goldman Sachs and Jefferies were the top M&A financial advisers in the construction sector by value and volume respectively. Based on its Deals Database, GlobalData revealed that Goldman Sachs achieved its leading position in terms of value by advising on $26.2bn-worth of deals. Meanwhile, Jefferies led in terms of volume by advising on a total of nine deals.

“Both Goldman Sachs and Jefferies witnessed improvement in value and volume of deals advised by them in H1 2025 compared to H1 2024, and their respective rankings by these metrics also improved," said Aurojyoti Bose, lead analyst at GlobalData. "Jefferies went ahead from occupying the 11th position by volume in H1 2024 to top the chart in H1 2025. Similarly, Goldman Sachs’ ranking by value also improved from the fourth position in H1 2024 to the top position in H1 2025.

“It is noteworthy that all the six deals advised by Goldman Sachs during H1 2025 were billion-dollar deals, which also included a mega deal valued more than $10bn.”

An analysis of GlobalData’s Deals Database reveals that JP Morgan occupied the second position in terms of value, by advising on $22.2bn of deals, followed by Jefferies with $19.2bn, US-based Citi with $18.1bn, and Bank of America with $17.9bn.

Meanwhile, Lazard occupied the second position in terms of volume with eight deals, with Houlihan Lokey recording the same number of deals, followed by JP Morgan and Citi with seven deals each.

Legal advisers

Wachtell, Lipton, Rosen & Katz and CMS were the top M&A legal advisers in the construction sector during H1 2025 by value and volume respectively.

According to GlobalData, Wachtell, Lipton, Rosen & Katz achieved its leading position in terms of value by advising on $19.8 billion of deals. Meanwhile, CMS led in terms of volume by advising on a total of 17 deals.

“CMS was the top adviser by deal volume in H1 2024 and managed to retain its leadership position by this metric in H1 2025 as well," said Bose. "It was one of only two advisers with double-digit deal volume during H1 2025.

“Meanwhile, Wachtell, Lipton, Rosen & Katz, despite advising on only three deals, managed to top the chart by value in H1 2025. There was more than a three-fold jump in the total value of deals advised by Wachtell, Lipton, Rosen & Katz during H1 2025 compared to H1 2024. It went ahead from occupying the 10th position by value in H1 2024 to the top position by this metric in H1 2025.

“Of the three deals advised by Wachtell, Lipton, Rosen & Katz during H1 2025, two were billion-dollar deals that also included a mega deal valued more than $10bn. Involvement in these big-ticket deals helped Wachtell, Lipton, Rosen & Katz register improvement in terms of value and secure the top position by this metric.”

An analysis of GlobalData’s Deals Database reveals that Paul, Weiss, Rifkind, Wharton & Garrison occupied the second position in terms of value, by advising on $17.3bn of deals, followed by Simpson Thacher & Bartlett with $15.6bn, Ropes & Gray with $13.6bn, and Sidley Austin with $12.6bn.

Meanwhile, Kirkland & Ellis occupied the second position in terms of volume with 12 deals, followed by Latham & Watkins with nine deals, and Paul, Weiss, Rifkind, Wharton & Garrison and Baker McKenzie with eight deals each.

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