The number of Big Tech M&A deals has decreased amongst the largest players Credit: Getty Images / Poike

According to the latest financial advisers league table by research and analysis company GlobalData, Evercore and Houlihan Lokey were the top mergers and acquisitions (M&A) financial advisers during the first quarter of 2024 in the technology, media, and telecom (TMT) sector by value and volume respectively.

GlobalData’s Deals Database revealed that Evercore achieved its leading position with the highest cumulative value of deals which stood at $61.9bn. Meanwhile, Houlihan Lokey led in terms of deal volume by advising on a total of 19 deals.

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Qatalyst Partners occupied the second position by cumulative value of deals totalling $50.8bn, followed by JP Morgan with $38.3bn, Goldman Sachs with $23.5bn, and Deutsche Bank with $18.4bn.

“Evercore registered a massive jump in the total value of deals advised by it during Q1 2024 compared to Q1 2023,” Aurojyoti Bose, lead analyst at GlobalData, said adding: “Resultantly, its ranking by value also jumped from seventh position in Q1 2023 to the top position in Q1 2024.”

“Evercore advised on six billion-dollar deals during Q1 2024 that also included two mega deals valued at more than $10bn,” said Bose.  

Big Tech’s M&A plans are facing a growing obstacle as various legislative proposals look set to change merger control and regulation.

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The number of deals has decreased amongst the largest players, including Alphabet, Apple, Google, Meta and Microsoft, as regulators globally take a tougher stance.

A February 2024 GlobalData report, Tech M&A Regulation, highlights the industry-wide decrease.

Considering the reasons behind it, the report states: “the total number of M&A deals in the TMT industry worldwide declined by 27% in 2023 compared to the previous year.

“High interest rates have hampered activity by driving up the cost of borrowing. Geopolitical tensions and regulatory scrutiny have also contributed to the M&A slowdown.”