JPMorgan and Houlihan Lokey were the top mergers and acquisitions (M&A) financial advisers in the technology, media and telecom (TMT) sector during 2025 by value and volume, respectively, according to the latest financial advisers league table by GlobalData, a leading intelligence and productivity platform.

An analysis of GlobalData’s Financial Deals Database reveals that JPMorgan achieved the leading position in terms of value by advising on $435.5 billion worth of deals. Meanwhile, Houlihan Lokey led in terms of volume by advising on a total of 94 deals.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “JPMorgan and Houlihan Lokey were well ahead of others in the league tables by value and volume, respectively. This can be understood from the fact that Evercore occupied the second position in terms of value by advising on $278.1 billion worth of deals, which is around 1.6x less compared to the total value of deals advised by JPMorgan. During 2025, JPMorgan advised on 32 billion-dollar deals* that also included seven mega deals valued at more than $10 billion. These big-ticket deals helped it gain a massive lead in terms of value.

“Meanwhile, Houlihan Lokey just fell short of hitting triple-digit deal volume and was distantly followed by JPMorgan that stood at a distant second by volume with 65 deals.”

Morgan Stanley occupied the third position in terms of value, by advising on $253.4 billion worth of deals, followed by Goldman Sachs with $237.2 billion and Allen & Company with $235.6 billion.

Morgan Stanley also occupied the third position in terms of volume with 59 deals, followed by Goldman Sachs with 49 deals and Evercore with 43 deals.

*Deals valued ≥ $1 billion