Goldman dominates first-half M&A as dealmaking surges in EMEA

• Goldman advised on 111 deals representing 44% of EMEA M&A value, holding a 9 percentage point lead over second-place JPMorgan (35% market share with 99 deals)
• Goldman's dominance was driven by advising on 15 of the 20 largest deals, including Unilever's $45 billion food business sale to McCormick and TK Elevators' $34 billion combination
• Companies are taking long-term strategic views despite market volatility, though bankers warn rankings could change substantially if pending deals fail to complete

Goldman Sachs Dominates EMEA M&A in Record First Half 2026

Key Highlights:

Goldman Sachs captured its largest share of EMEA (Europe, Middle East, and Africa) M&A advisory work in nearly a decade during the first half of 2026, according to LSEG data. The bank advised on 111 deals representing 44% of total EMEA M&A value, up from 42% in the prior year period, maintaining a 9 percentage point lead over second-place JPMorgan (35% market share).

Market Performance:

EMEA M&A activity totaled $676 billion in H1 2026—more than double 2025 levels and a 19-year high—driven by looser regulatory constraints. Goldman also leads globally with a 38% market share.

Major Deals:

Goldman's dominance stems from advising on 15 of the top 20 EMEA deals, including:

• Unilever's approximately $45 billion food business sale to McCormick (largest EMEA deal, advised alongside Morgan Stanley)
• TK Elevators' $34 billion combination
• Commerzbank's defense against a $28 billion takeover attempt

JPMorgan advised on 13 of the largest deals but was notably absent from the McCormick-Unilever transaction.

Market Context:

While boutique Rothschild advised on more deals by count (163), Goldman's strength lies in capturing mega-deals. M&A activity initially stalled in 2025 amid uncertainty following Donald Trump's White House return. Markets remain volatile, and bankers caution that league table rankings could shift significantly if pending deals fail to close.

Goldman's EMEA M&A co-head Carsten Woehrn noted that companies are "taking a long-term strategic view" beyond current market turbulence, driving sustained dealmaking momentum.