As the most active independent advisory firm globally, Rothschild & Co completed 351 M&A transactions in 2024, according to Dealogic – 43% more than its closest independent competitor, Lazard – and maintained top rankings in restructuring, IPO advisory and debt capital markets activity.
The firm achieved its third-best year by revenue, surpassing 2023 despite a more volatile market backdrop. It was the only European bank to rank in the global top 10 by revenue, underscoring its scale and influence across borders.
Rothschild & Co’s success lies not only in volume but in complexity. The firm executed landmark sovereign, corporate and private equity deals across the world, from advising on the $8.7 billion restructuring of Americanas in Brazil to acting as lead adviser on CVC’s €2.3 billion IPO in Amsterdam. In each case, the firm’s hallmark approach was on display: multidisciplinary teams, deep sector knowledge and a unified, global client service model.
“The clients we work with come back to us time and time again. Our culture is built on long-term trust. Without that, we wouldn’t succeed,” said Philippe Le Bourgeois, chief operating officer of global advisory. That ethos translated into longstanding client mandates: the firm completed its 41st transaction for CVC and 20th for Eni over the past year.
Rothschild & Co’s debt and restructuring advisory platform stood out in 2024, contributing to its banner year. It advised on approximately 300 financing transactions worth $250 billion across 46 countries.
Christian Savvides, global co-head of debt advisory, emphasises the breadth and innovation in the firm’s work. “We introduced covenant suspension triggers for pandemic-style events and pioneered macro-linked bonds in sovereign deals like Sri Lanka’s $15 billion restructuring. It was a great year for structural innovation in the capital markets,” he says.
In M&A, Rothschild & Co combined sector depth with execution excellence
The firm’s sovereign advisory business played a pivotal role in helping governments respond to crisis, guiding complex debt restructurings in Ukraine, Ghana and the Bahamas. In Ghana, Rothschild & Co helped secure a $13.1 billion sovereign bond restructuring aligned with IMF frameworks. In Sri Lanka, it introduced a novel macro-linked bond structure, breaking a two-year impasse and setting a precedent for future sovereign work.
In M&A, Rothschild & Co combined sector depth with execution excellence. In the €4.3 billion sale of Budapest Airport – the first 100% sale of a major European capital city airport since the pandemic – the firm leveraged more than a decade of advisory mandates and local presence to help structure a bilateral deal with the Hungarian state and VINCI Airports.
In the complex $8.7 billion Americanas restructuring, it advised during fraud revelations, regulatory scrutiny and high public attention. The plan, which included equity injections, debt-to-equity swaps and haircuts, received approval from over 97% of creditors, an extraordinary outcome in one of Brazil’s most notorious corporate failures.
Sustainability also remained core to Rothschild & Co’s advisory model. The firm ranked second globally in sustainability-related M&A by number of deals and led in European renewables. In the Bahamas, it advised on a $300 million debt-for-nature swap supporting long-term marine conservation, showcasing its ability to blend innovation with impact.
For Rothschild & Co, these successes are not the result of luck but of design. “It’s about how we’re structured,” notes Ravi Gupta, global co-head of industrials and co-head of UK global advisory. “Clients know that whether they need M&A, debt or equity advice, they’re getting an integrated, holistic answer – not internal competition or misaligned agendas.”
That integrated model – backed by around 1,600 bankers across 60 locations in 47 countries – continues to set Rothschild & Co apart, not just in volume but also by sophistication.
