Goldman Sachs has ranked first by deal value and Houlihan Lokey by deal volume among financial advisers for mergers and acquisitions (M&A) in the construction sector during the first three quarters of 2025, according to research from GlobalData.
The analysis, based on GlobalData’s Financial Deals Database, shows Goldman Sachs advised on transactions totalling $33.2bn.
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Houlihan Lokey led by the number of deals, providing services on 12 transactions.
GlobalData lead analyst Aurojyoti Bose said: “The total value of deals advised by Goldman Sachs more than doubled quarter-on-quarter (QoQ) during Q1-Q3 2025 and subsequently its ranking by value improved from the fourth position to the top position.
“Eight of the ten deals advised by Goldman Sachs during Q1-Q3 2025 were billion-dollar deals that also included a mega deal valued more than $10bn. The involvement in these big-ticket deals helped the investment bank register a jump in terms of value as well as ranking by this metric.
“Meanwhile, Houlihan Lokey’s ranking by volume improved from the third position during Q1-Q3 2024 to the top position during Q1-Q3 2025.”
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By GlobalDataJP Morgan secured the second spot in terms of deal value, advising on $26.4bn worth of transactions.
Bank of America followed with $24.4bn, Jefferies with $21.6bn and Morgan Stanley with $20.2bn in advised deal value for the same period.
In terms of volume, Jefferies came in second with 11 deals, followed by Lazard with the same number of deals.
Goldman Sachs and JP Morgan each advised on ten deals.
GlobalData’s league tables are based on the real-time tracking of thousands of company websites, advisory firm websites and other reliable sources available on the secondary domain. A dedicated team of analysts monitors all these sources to gather in-depth details for each deal, including adviser names.
To ensure further robustness to the data, the company also seeks submissions of deals from leading advisers.
