Baker Tilly International has once again been named a leading adviser for mergers and acquisitions (M&A) in the latest LSEG (formerly Refinitiv) benchmarking league tables.
For the second consecutive year, the Baker Tilly network ranked in the top 10 globally by deal count for mid-market M&A transactions, completing 278 deals in 2025. The network also secured 6th place globally (up from 7th in 2024) for small-cap M&A, advising on 272 transactions.
Regionally, the network ranked among the top 10 for both mid-market and small-cap M&A transactions within Benelux, Eastern Europe, Europe, Hochinma (Hong Kong , China , India and Malaysia) and Latin America.
Commenting on the league tables, Harsh Maheshwari, global advisory services leader at Baker Tilly International, said: “This recognition reflects the strength, consistency and collaboration of our advisory network.
“Ranking among the world’s top M&A advisers for both mid-market and small-cap transactions demonstrates our ability to deliver high-quality outcomes for clients, wherever they operate. In today’s selective M&A market, buyers are paying a premium for high‑quality mid‑market assets that offer technology, recurring revenues and a clear path to scale. Our focus remains on helping clients by combining deep sector and regulatory expertise with a disciplined, highly targeted approach to dealmaking.”
Worldwide mid-market M&A ranking 2025
| Rank | Financial advisor | Deal count |
| 1 | PwC | 707 |
| 2 | Houlihan Lokey | 410 |
| 3 | KPMG | 393 |
| 4 | Rothschild & Co | 363 |
| 5 | K3 Capital Group Ltd | 337 |
| 6 | Deloitte | 311 |
| 7 | EY | 293 |
| 8 | Baker Tilly International | 278 |
| 9 | BDO | 229 |
| 10 | Goldman Sachs | 224 |
Worldwide small-cap M&A ranking 2025
| Rank | Financial advisor | Deal count |
| 1 | PwC | 624 |
| 2 | Houlihan Lokey | 363 |
| 3 | KPMG | 354 |
| 4 | K3 Capital Group Ltd | 337 |
| 5 | Deloitte | 276 |
| 6 | Baker Tilly International | 272 |
| 7 | Rothschild & Co | 272 |
| 8 | EY | 255 |
| 9 | BDO | 217 |
| 10 | M&A Capital Partners | 213 |