Goldman Sachs tops construction M&A deal value in 2025

Goldman Sachs emerged as the top financial advisor in the construction sector mergers and acquisitions (M&A) arena in 2025, based on GlobalData’s recent financial deals database analysis. The firm led the pack with a deal value of $43.3 billion for the year. Bank of America followed closely in the second position, advising on construction M&A deals valued at $41.9 billion. JPMorgan secured the third spot with a deal value of $35.5 billion, trailed by Morgan Stanley at $28.3 billion, and Mizuho Financial Group at $24.4 billion.

In terms of transaction volume, JPMorgan took the lead with 19 transactions, closely followed by Bank of America with 16 deals. Goldman Sachs, Morgan Stanley, and Houlihan Lokey each advised on 15 deals, solidifying their positions. There was a notable surge in the total volume and value of deals advised by JPMorgan and Goldman Sachs in 2025, marking a significant three-fold increase compared to the previous year.

GlobalData lead analyst Aurojyoti Bose highlighted the rise in rankings for both JPMorgan and Goldman Sachs in 2025. Goldman Sachs, which was in sixth place by value in 2024, ascended to the top position by deal value in 2025. Similarly, JPMorgan’s ranking by volume surged from 22nd to claim the first position. Notably, JPMorgan also secured the third spot by deal value in 2025, while Goldman Sachs held the third spot by volume, showcasing their dominance in the sector.

GlobalData’s league tables are meticulously curated based on the real-time tracking of numerous company websites, advisory firm websites, and other credible secondary sources. To ensure comprehensive coverage and accuracy, a dedicated team of analysts diligently monitors all relevant sources to gather in-depth information for each deal, including details on the advisers involved. Additionally, to enhance the robustness of the data, the company actively seeks submissions of deals from leading advisers in the industry.

Overall, Goldman Sachs stood out as the frontrunner in construction sector M&A deals in 2025, with a remarkable performance in both deal value and volume of transactions. The increasing involvement of financial heavyweights like JPMorgan and Bank of America further underscores the dynamic nature of the sector and the evolving landscape of M&A activities within the construction industry. Moving forward, these key players are likely to continue shaping the trajectory of mergers and acquisitions in the construction sector, driving innovation and growth in the years to come.