Citi tops M&A advisory league table

US FINANCIAL POWERHOUSE Citigroup topped India's mergers and acquisitions advisory league table in 2025, capturing the largest share of announced deal value in a year that was slow for much of the period before being lifted by a burst of large transactions towards the end.

- DEV CHATTERJEE

According to data compiled by Dealogic, Citi advised on $25.9 billion of M&A deals in India during the year, accounting for 15% of total announced deal value.

The showing put Citi narrowly ahead of JPMorgan Chase, which ranked second with $24.3 billion of deals and a 14% market share, and well ahead of Morgan Stanley, which advised on $18.2 billion, or 11% of the market.

Goldman Sachs Group followed with $13.7 billion and an 8% share, the data show.

Citi's lead marked a sharp improvement from 2024, when it ranked second with $8.2 billion of announced deals and a 5% share, behind Barclays, which led that year with $8.7 billion and an 8% share. India's total announced M&A value climbed to $168.1 billion in 2025, up from $110 billion in 2024, underscoring the impact of several large transactions completed or announced in the final months of the year.

The overall picture, however, was uneven. "2025 has been a mixed year from M&A deals; overall activity was somewhat slower in the first half," said Ketan Dalal, founder of Katalyst Advisors.

Deal momentum picked up sharply in the final quarter as boards grew more comfortable with valuations and financing conditions, and as strategic imperatives overrode caution.