During a period of recovery for the global M&A market, Goldman Sachs proved its dominance at the forefront of global dealmaking: cementing its leadership position not just with volume and scale, but through precision execution, sectoral expertise and strategic vision.
Following a challenging 2023, global M&A activity rebounded modestly in 2024, with deal volumes rising 15% to $3.6 trillion. Yet even with that recovery, the market remained below Goldman Sachs’ five-year trendlines – leaving considerable room for future growth. “We think the market can grow another 10%-15% above current levels,” explains Avinash Mehrotra, co-head of M&A in the Americas. “There’s real headroom.”
In that environment, Goldman Sachs didn’t just maintain its lead – it expanded it. The firm advised on 427 deals in 2024, the most in the market. According to the bank, it has secured a 640 basis point lead in M&A volume share over its next closest competitor and increased its lead in deal count for transactions over $500 million – the segment representing 80% of global M&A volumes. Goldman’s lead in that bracket grew by 175bp, pushing its total market count lead to around 340bp, the bank claims.
More striking was the acceleration in high-value deals: Goldman’s lead for transactions over $500 million jumped from 18 in 2023 to 43 in 2024. “We focus heavily on that $500 million-plus segment,” said explains David Dubner, global COO of M&A. “It’s where the majority of meaningful M&A happens – and we gained significant incremental share there.”
Several landmark transactions underpinned Goldman’s success. In one of the year’s largest deals, the firm advised Mars on its $35 billion acquisition of Kellanova, a rare case of a large private company taking a public one private. “This was a growth-oriented transaction, not just a synergy play,” says Mehrotra. “It reflected C-suite confidence and board-level ambition.”
Corporate strength
On the corporate side, 3M’s $20 billion spin-off of its healthcare business showcased the simplification trend sweeping public markets. The deal generated 51% one-year excess total shareholder return for 3M and 13% for Solventum, the newly formed healthcare company. “It created a flywheel for more M&A,” says Dubner. “It’s the kind of deal others now want to replicate.”
Private equity also returned to form. With dry powder at record levels ($2.62 trillion in July 2024, according to S&P Global), sponsors began deploying capital at scale in 2024, with take-private deals surging. Goldman Sachs capitalised on this trend, advising Premier on its $7 billion take-private of Squarespace – a complex process that required innovative financing solutions and deep sponsor relationships.
Even in a volatile, high-rate environment, Goldman’s breadth proved essential
The firm also made strategic hires, including Haidee Lee and Carsten Woehrn as partners and global co-head of sponsor M&A and co-head of M&A in EMEA, respectively, to bolster its sponsor M&A bench.
Even in a volatile, high-rate environment, Goldman’s breadth proved essential. “It was a corporate-led M&A year,” notes Mehrotra, with corporates accounting for 70% of activity, a return to historical averages. Elevated interest rates favoured strategic buyers with strong balance sheets and synergy potential. “Private equity will have more of its moment in 2025 and 2026,” he adds.
Global breadth
Goldman Sachs’ global reach also proved decisive. With longstanding strength in the US and Europe, the firm doubled down on its Asia-Pacific presence, supporting increasingly larger deals across the region. “Regional M&A matters more than ever in a fragmented world,” says Dubner. “Our investment across Asia and Europe is already paying off.”
A key differentiator in 2024 was the firm’s M&A Center – a specialised group spanning six verticals: shareholder activism, transactional structuring, M&A capital markets, quantitative M&A, sponsor M&A, and continuation vehicles. These units helped Goldman navigate volatile markets, from structuring complex carve-outs to managing ARB flows and supporting innovative sponsor exits.
The Amcor–Berry Global $18 billion cross-border merger illustrates the bank’s full capability. A volatile stock-for-stock transaction spanning the US, Europe and Australia, it required synchronised dealmaking, investor communications and regulatory alignment across multiple regions. “That’s where our global capital markets knowledge and footprint become a competitive advantage,” says Mehrotra.
Forward planning
Looking ahead, Goldman Sachs is well positioned. With global M&A volumes still below long-term averages and shareholder activism pressuring firms to simplify, the firm expects continued growth. “We’ve spent a decade building this global, sectoral and technical depth,” says Dubner. “It’s what makes our market share durable – not just in 2024, but across cycles.”
Whether leading landmark public company spin-offs, innovating in sponsor finance, or navigating cross-border complexity, Goldman Sachs has shown it can thrive in any environment, building on foundations created over decades but honed for today’s markets.
