JPMorgan, Morgan Stanley, Ropes & Gray lead retail M&A advisory rankings in 2025: GlobalData

JPMorgan, Morgan Stanley, Ropes & Gray, and Latham & Watkins emerged as the top financial and legal advisers in the global retail mergers and acquisitions (M&A) market in 2025, as dealmaking remained anchored by a small number of high-value transactions, according to new league tables released by GlobalData.

Data from GlobalData’s Financial Deals Database shows that JPMorgan ranked first among financial advisers by deal value, advising on $44.5 billion worth of retail M&A transactions during the year. Morgan Stanley led by volume, advising on 11 deals, and also placed second by value with $37.9 billion.

Mega deals

“Morgan Stanley advised on several big-ticket transactions, including five billion-dollar deals, one of which exceeded $10 billion,” said Aurojyoti Bose, lead analyst at GlobalData. “JPMorgan, meanwhile, advised on eight billion-dollar deals, also including a mega transaction, underscoring its dominance by value.”

Goldman Sachs followed Morgan Stanley in the value rankings with $33.2 billion in advised deals, while Citi and UBS rounded out the top five with $29.2 billion and $28.4 billion, respectively. By volume, UBS and Rothschild & Co each advised on 11 deals, followed by JPMorgan and Goldman Sachs with nine deals apiece.

On the legal advisory side, Ropes & Gray topped the rankings by value, advising on $34.2 billion in retail M&A deals during 2025. Latham & Watkins led by volume with 21 transactions, reflecting its broad involvement across mid-sized and complex deals.

Legal rankings

“While Latham & Watkins advised on the highest number of deals, Ropes & Gray’s leadership by value reflects its role in high-impact transactions,” Bose said. “Five of the seven deals advised by Ropes & Gray were valued at $1 billion or more, including a mega deal above $10 billion.”

Kirkland & Ellis placed second by value with $33.5 billion, followed by Skadden, Arps, Slate, Meagher & Flom ($26.2 billion), Davis Polk & Wardwell ($24.9 billion), and Hengeler Mueller ($23.7 billion). By volume, CMS ranked second with 18 deals, ahead of Paul, Weiss Rifkind Wharton & Garrison (14), Jones Day (13), and Fasken Martineau DuMoulin (11).

GlobalData noted that the 2025 retail M&A landscape continued to favor advisers with the capacity to execute large, complex transactions, as fewer but higher-value deals drove overall market activity.

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