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08 August 2023

Daily Newsletter

Top 10 M&A financial advisers in the construction sector for H1 2023 revealed

JP Morgan and PwC were the top M&A advisers in GlobalData’s league table.

JP Morgan and PwC were the top mergers and acquisitions (M&A) financial advisers in the construction sector in H1 2023 by value and volume, respectively, according to GlobalData’s latest league table.

The leading data and analytics company ranks advisers by the value and volume of M&A deals on which they advised.

According to its financial deals database, JP Morgan achieved its leading position in terms of value by advising on $33.4bn worth of deals. PwC led in terms of volume by advising on a total of nine deals.

“JP Morgan was the top adviser in value in H1 2022 and was also able to retain its leadership position by this metric in H1 2023,” said GlobalData lead analyst Aurojyoti Bose.

“Moreover, JP Morgan left behind its peers by a significant margin in terms of value as it was the only adviser to surpass $30bn in total deal value during H1 2023. The firm advised on four billion-dollar deals [deals valued at $1bn or more], which also included two mega deals valued more than $10bn.

“Meanwhile, PwC witnessed its ranking by volume improve from fifth position in H1 2022 to the top position by this metric in H1 2023.”

Citi came second in terms of value, by advising on $19.3bn worth of deals, followed by Wells Fargo with $18.2bn, Bank of America with $16.4bn and Goldman Sachs with $16.2bn.

Runners-up in terms of vplume were Rothschild & Co with eight deals, JP Morgan with seven deals, Deloitte with seven deals and KPMG with seven deals.

GlobalData’s league tables are based on the real-time tracking of thousands of company websites, advisory firm websites and other reliable sources available on the secondary domain. A dedicated team of analysts monitors all these sources to gather in-depth details for each deal, including adviser names.

To ensure further robustness to the data, the company also seeks submissions of deals from leading advisers.

ESG 2.0 marks a shift towards stricter environmental rules

ESG is moving into a different era, which we call ESG 2.0. While ESG 1.0 was driven by voluntary corporate action, spurred by pressure from activist consumers and investors, ESG 2.0 is being driven by a new wave of government policies. The EU has taken the regulatory lead, with rules introduced or in the pipeline that will price emissions, regulate the use of the terms ‘ESG’ and ‘sustainability’ in marketing materials, and make ESG reporting mandatory. The US has taken a different approach, favoring less regulation and more financial support in the form of tax breaks for clean industry (renewables plus nuclear and hydrogen). China is planning to expand its emissions trading system to more sectors, decarbonize its heavy industry, and ramp up its use of renewables. The new policy direction is mainly motivated by the ambition to hit net zero emissions targets. But on top of this, governments are now competing for clean industry and trying to challenge China’s leadership on the production of the world’s green technologies such as solar panels and batteries, as well as the production and refinement of materials needed for energy transition such as lithium. These driving forces are leading to policy that will impact every sector, not just heavy industry, and will keep ESG near the top of the regulatory agenda over the longer term.