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FGS Tops Global H1 M&A Rankings Joele Frank Leads In Activism Defense
(MENAFN- PRovoke)
NEW YORK-FGS Global, the KKR-backed corporate and financial communications specialist, continues to lead the global mergers and acquisitions rankings published by mergermarket, having worked on 185 transactions worth more than $600 billion in the first half of 2026.
That's enough to help FGS maintain the number one spot in both the volume of deals during the first half (tied with Prosek Partners, which also worked on 185 transactions during the same period) and value of deals (ahead of Joele Frank Wilkinson Brimmer Katcher, which worked on deals worth more than $450 billion).
FGS's highlights included work on the merger of Equity Residential and AvalonBay to create Vivmark Residential; Fox Corporation's acquisition of Roku; and Softbank's $40 billion investment in OpenAI.
The global top five in deal volume was rounded out by Joele Frank, Kekst CNC and H/advisors-followed by Gasthalter & Co., the New York based firm led by former Sard Verbinnen partner Jonathan Gasthalter, which rose from number 32 to number six in the rankings.
“The first half's lead story was the surge in mega corporate transactions, especially in AI, energy, financial services, healthcare and technology,” says Andrew Cole, deputy global CEO at FGS, who co-leads the firm's transactions & financial communications practice.“The increase in large value dealmaking is being driven in part by more attractive equity and financing markets, a more welcoming regulatory environment, as well as strategic and competitive urgency among CEOs and boards.
“While the desire for dealmaking is high, corporate leaders recognize that the complexity of M&A is increasing - from agreement structures to cross-border regulations, geopolitical gauntlets and the influence of activist investors. And AI is accelerating everything. Therefore, having a unified communications strategy across stakeholders is essential to success.”
The global top five in terms of value included Brunswick Group, FTI Consulting, and Kekst CNC-with Italian powerhouse Excellera Group (parent company of corporate and financial firms Barabino and Community and most recently Ad Hoc Communication ), which improved from number 13 globally to number seven.
In the Americas, Prosek led in terms of deal count (169), ahead of Joele Frank, FGS, Gasthalter, and Kekst, while FGS led in terms of deal value, ahead of Joele Frank, Brunswick, FTI and Kekst. (The top five by volume and value were identical in the US ranking).
Regional Leaders in EMEA and Asia
In EMEA, Excellera was number one in terms of deal volume (86, including support for Unipol in the banking sector consolidation process following its investment in MPS, and for Advent International in connection with the sale of IRCA to CVC Capital Partners), ahead of FGS, Brunswick FTI and H/advisors, while Brunswick was number one in terms of deal value ($258 billion), leading FGS, FTI, Excellera, and H/advisors.
According to Paolo Zanetto, CEO of Excellera,“From our perspective, one of the most significant trends we are seeing is the increasing complexity of M&A transactions and the way they are managed. Today, the success of a transaction increasingly depends on the ability to engage and support investors, institutions, employees and regulators throughout the entire process.
“At the same time, we are seeing governments play an increasingly active role in scrutinizing foreign investments and strategic assets. This is why corporate affairs has become an integral part of the transaction itself, bringing together communications, stakeholder engagement and public affairs capabilities throughout the deal lifecycle."
In the UK, FTI led by volume and Brunswick was number one in terms of value. In Germany, FGS led by volume and Brunswick led by value. In France, local firm Taddeo was number one in volume, with Brunswick leading in value. Roman was number one in volume in the Spanish market, with Brunswick leading the value table. And in Italy, Exclellera topped the volume ranking, with Image Building number one in terms of value.
FGS was number one in the Asia-Pacific region (excluding Japan) in terms of volume of deals worked, ahead of Australian firm Sodali & C0., Brunswick, FTI, and Omnicom-owned GRACosway. In terms of deal value, Brunswick was number one in the region, ahead of H/advisors, FGS, Teneo and Sodali.
In Japan, FGS Global was number one in both value and volume, while in Australia Sodali claimed the number one slot by both criteria.
Joele Frank Tops Activism League Table
Meanwhile, Bloomberg has released its half-year review of corporate activism, with Joele Frank once again ranked number one among PR and IR advisors to companies, working on 48 activist defenses during the first six months.
According to Bloomberg, 390 new activist campaigns were launched in H1 2026, falling just short of last year's H1 total of 391 campaigns. The value of new activist stakes declined b y 24%, though the decline was due entirely to two 2025 campaigns where activists Mediobanca and Caltagirone owned 20% of $55 billion Generali.
In the United States, the number of campaigns rose slightly from 177 to 178 and $1billion-plus campaigns in the United States jumped 17.5% from 57 to 67.
“Activists are engaging companies year-round, often through private dialogue that begins well before any public campaign,” noted Leigh Parrish, partner at Joele Frank.“And with more situations ending in negotiated outcomes rather than proxy contests, communications has become just as important in supporting constructive engagement as it is in defending against a public challenge.”
Longacre Square was once again the most prolific advisor on the activist side of the table, handling 67 campaigns during the first half.
That's enough to help FGS maintain the number one spot in both the volume of deals during the first half (tied with Prosek Partners, which also worked on 185 transactions during the same period) and value of deals (ahead of Joele Frank Wilkinson Brimmer Katcher, which worked on deals worth more than $450 billion).
FGS's highlights included work on the merger of Equity Residential and AvalonBay to create Vivmark Residential; Fox Corporation's acquisition of Roku; and Softbank's $40 billion investment in OpenAI.
The global top five in deal volume was rounded out by Joele Frank, Kekst CNC and H/advisors-followed by Gasthalter & Co., the New York based firm led by former Sard Verbinnen partner Jonathan Gasthalter, which rose from number 32 to number six in the rankings.
“The first half's lead story was the surge in mega corporate transactions, especially in AI, energy, financial services, healthcare and technology,” says Andrew Cole, deputy global CEO at FGS, who co-leads the firm's transactions & financial communications practice.“The increase in large value dealmaking is being driven in part by more attractive equity and financing markets, a more welcoming regulatory environment, as well as strategic and competitive urgency among CEOs and boards.
“While the desire for dealmaking is high, corporate leaders recognize that the complexity of M&A is increasing - from agreement structures to cross-border regulations, geopolitical gauntlets and the influence of activist investors. And AI is accelerating everything. Therefore, having a unified communications strategy across stakeholders is essential to success.”
The global top five in terms of value included Brunswick Group, FTI Consulting, and Kekst CNC-with Italian powerhouse Excellera Group (parent company of corporate and financial firms Barabino and Community and most recently Ad Hoc Communication ), which improved from number 13 globally to number seven.
In the Americas, Prosek led in terms of deal count (169), ahead of Joele Frank, FGS, Gasthalter, and Kekst, while FGS led in terms of deal value, ahead of Joele Frank, Brunswick, FTI and Kekst. (The top five by volume and value were identical in the US ranking).
Regional Leaders in EMEA and Asia
In EMEA, Excellera was number one in terms of deal volume (86, including support for Unipol in the banking sector consolidation process following its investment in MPS, and for Advent International in connection with the sale of IRCA to CVC Capital Partners), ahead of FGS, Brunswick FTI and H/advisors, while Brunswick was number one in terms of deal value ($258 billion), leading FGS, FTI, Excellera, and H/advisors.
According to Paolo Zanetto, CEO of Excellera,“From our perspective, one of the most significant trends we are seeing is the increasing complexity of M&A transactions and the way they are managed. Today, the success of a transaction increasingly depends on the ability to engage and support investors, institutions, employees and regulators throughout the entire process.
“At the same time, we are seeing governments play an increasingly active role in scrutinizing foreign investments and strategic assets. This is why corporate affairs has become an integral part of the transaction itself, bringing together communications, stakeholder engagement and public affairs capabilities throughout the deal lifecycle."
In the UK, FTI led by volume and Brunswick was number one in terms of value. In Germany, FGS led by volume and Brunswick led by value. In France, local firm Taddeo was number one in volume, with Brunswick leading in value. Roman was number one in volume in the Spanish market, with Brunswick leading the value table. And in Italy, Exclellera topped the volume ranking, with Image Building number one in terms of value.
FGS was number one in the Asia-Pacific region (excluding Japan) in terms of volume of deals worked, ahead of Australian firm Sodali & C0., Brunswick, FTI, and Omnicom-owned GRACosway. In terms of deal value, Brunswick was number one in the region, ahead of H/advisors, FGS, Teneo and Sodali.
In Japan, FGS Global was number one in both value and volume, while in Australia Sodali claimed the number one slot by both criteria.
Joele Frank Tops Activism League Table
Meanwhile, Bloomberg has released its half-year review of corporate activism, with Joele Frank once again ranked number one among PR and IR advisors to companies, working on 48 activist defenses during the first six months.
According to Bloomberg, 390 new activist campaigns were launched in H1 2026, falling just short of last year's H1 total of 391 campaigns. The value of new activist stakes declined b y 24%, though the decline was due entirely to two 2025 campaigns where activists Mediobanca and Caltagirone owned 20% of $55 billion Generali.
In the United States, the number of campaigns rose slightly from 177 to 178 and $1billion-plus campaigns in the United States jumped 17.5% from 57 to 67.
“Activists are engaging companies year-round, often through private dialogue that begins well before any public campaign,” noted Leigh Parrish, partner at Joele Frank.“And with more situations ending in negotiated outcomes rather than proxy contests, communications has become just as important in supporting constructive engagement as it is in defending against a public challenge.”
Longacre Square was once again the most prolific advisor on the activist side of the table, handling 67 campaigns during the first half.
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