JP Morgan and Houlihan Lokey were the top mergers and acquisitions (M&A) financial advisers in the technology, media and telecom (TMT) 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 JP Morgan achieved its leading position in terms of value by advising on $158.4 billion worth of deals. Meanwhile, Houlihan Lokey led in terms of volume by advising on a total of 70 deals.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Houlihan Lokey retained its top adviser position by volume from Q1-Q3 2024. Interestingly, the company advised on the same number of deals during Q1-Q3 2024 as well as Q1-Q3 2025.

“Meanwhile, there was more than a double-fold jump in the total value of deals advised by JP Morgan during Q1-Q3 2025 compared to Q1-Q3 2024, due to its involvement in several big-ticket deals. Resultantly, its ranking by value improved from the fifth position to the top position. During Q1-Q3 2025, JP Morgan advised on 19 billion-dollar deals* that also included four mega deals valued more than $10 billion.”

Goldman Sachs occupied the second position in terms of value, by advising on $150.1 billion worth of deals, followed by Evercore with $71.8 billion, Barclays with $57.1 billion, and Morgan Stanley with $49.2 billion.

Meanwhile, JP Morgan occupied the second position in terms of volume with 46 deals, followed by Goldman Sachs with 34 deals, Evercore with 34 deals, and Raymond James Financial with 31 deals.

*Valued more than or equal to $1 billion