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Americas Advisors: Weekly M&A Activity Summary (06.16.2025)

Core Content Overview

This report provides a summary of M&A activity across different advisory sectors, including Independent Boutiques, US Bulge Brackets, EU Bulge Brackets, and Mid-cap Brokers. It includes data on Announcements, Completions, and Backlogs with comparative analysis against the average week (last 3 years), last week, last 4 weeks, and the second quarter of 2025 (2Q25TD) as well as the quarter-over-quarter performance (2Q25TD vs 2Q24TD). The data is compiled by Goldman Sachs Global Investment Research from Dealogic.

Main Sectors and Their Performance

1. Independent Boutiques

• Announcements:
  • Deal Value: 229,347 million USD (up 21% vs 2Q24TD)
  • # Deals: 44 (up 38%)
  • Fee: 381 million USD (up 126%)
• Completions:
  • Deal Value: 215,320 million USD (up 40%)
  • # Deals: 245 (up 108%)
  • Fee: 1,005 million USD (up 145%)
• Backlogs:
  • Fee Backlog: 1,935 million USD (up 19%)
  • M/M Change: 8%
  • YTD Change: 10%
  • Y/Y Change: 19%

2. US Bulge Brackets

• Announcements:
  • Deal Value: 990,777 million USD (up 36%)
  • # Deals: 776 (up 145%)
  • Fee: 5,313 million USD (up 126%)
• Completions:
  • Deal Value: 637,519 million USD (down 42%)
  • # Deals: 579 (up 129%)
  • Fee: 2,421 million USD (up 145%)
• Backlogs:
  • Fee Backlog: 5,929 million USD (up 18%)
  • M/M Change: 7%
  • YTD Change: 19%
  • Y/Y Change: 19%

3. EU Bulge Brackets

• Announcements:
  • Deal Value: 181,261 million USD (up 28%)
  • # Deals: 279 (up 1,200%)
  • Fee: 1,200 million USD (up 126%)
• Completions:
  • Deal Value: 161,257 million USD (down 18%)
  • # Deals: 534,157 (up 145%)
  • Fee: 4,556 million USD (up 129%)
• Backlogs:
  • Fee Backlog: 11,916 million USD (up 17%)
  • M/M Change: 7%
  • YTD Change: 14%
  • Y/Y Change: 17%

4. Mid-cap Brokers

• Announcements:
  • Deal Value: 7,701 million USD (up 31%)
  • # Deals: 108 (up 108%)
  • Fee: 1,080 million USD (up 145%)
• Completions:
  • Deal Value: 7,251 million USD (down 15%)
  • # Deals: 39 (up 115%)
  • Fee: 115 million USD (up 115%)
• Backlogs:
  • Fee Backlog: 159 million USD (up 35%)
  • M/M Change: 35%
  • YTD Change: -36%
  • Y/Y Change: -15%

Key Observations

• Independent Boutiques have seen the most significant increase in both deal value and number of deals compared to the previous quarter.
• US Bulge Brackets have also experienced a substantial rise in deal value and number of deals, although completions and fees have declined.
• EU Bulge Brackets show a mixed performance with increases in deal value and number of deals but declines in completions and fees.
• Mid-cap Brokers have shown growth in deal value and number of deals, though completions have decreased slightly.
• Total Industry:
  • Deal Value: 853,381 million USD (up 36%)
  • # Deals: 579 (up 145%)
  • Fee: 5,313 million USD (up 126%)
  • Backlog: 11,916 million USD (up 17%)

Additional Information

• The report includes a M&A Rank system, where companies are scored from 1 to 3 based on the likelihood of being acquired.
• Quantum, a proprietary database by Goldman Sachs, is used for in-depth financial analysis and comparison.
• The GS Factor Profile provides a framework for evaluating stocks based on Growth, Financial Returns, Multiple, and Integrated metrics.
• The report includes regulatory disclosures for various jurisdictions, including Australia, Brazil, Canada, Hong Kong, India, Japan, Korea, New Zealand, Singapore, Taiwan, and the United Kingdom.

Summary Table

Notes

• All data refers to deals with a value of more than $100 million.
• Percentage changes reflect year-over-year (Y/Y) or quarter-over-quarter (Q/Q) performance.
• The data is compiled by Goldman Sachs Global Investment Research.