Goldman Sachs and Houlihan Lokey were the top mergers and acquisitions (M&A) financial advisers in the construction sector during the first three quarters (Q1-Q3) of 2025 by value and volume, respectively, according to the latest financial advisers league table by GlobalData, a leading data and analytics company.

An analysis of GlobalData’s Financial Deals Database reveals that Goldman Sachs achieved the leading position in terms of value by advising on $33.2 billion worth of deals. Meanwhile, Houlihan Lokey led in terms of volume by advising on a total of 12 deals.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “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 10 deals advised by Goldman Sachs during Q1-Q3 2025 were billion-dollar deals* that also included a mega deal valued more than $10 billion. 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.”

JP Morgan occupied the second position in terms of value, by advising on $26.4 billion worth of deals, followed by Bank of America with $24.4 billion, Jefferies with $21.6 billion and Morgan Stanley with $20.2 billion.

Meanwhile, Jefferies occupied the second position in terms of volume with 11 deals, followed by Lazard with 11 deals, Goldman Sachs with 10 deals and JP Morgan with 10 deals.

*Value ≥ $1 billion