In 2025, leading investment banks worldwide showcased their prowess by navigating various sectors and facilitating significant deals that influenced global markets.
The year underscored the capability of these financial institutions to innovate and adapt. Noteworthy mergers and acquisitions, alongside pioneering IPOs, further established their dominance by executing high-stakes transactions that reshaped the economic landscape.
Financial Services
UBS
UBS’s dedicated team of 150 experts significantly impacted the finance sector by executing some of the year’s most anticipated transactions. Among its key roles, the Swiss bank facilitated the $1.6 billion acquisition of Paramount Group by Rithm Capital in the United States and advised Monte dei Paschi di Siena on a €16.5 billion public offer for Mediobanca in Europe. Additionally, UBS was involved in a merger of equals valued at 17.8 billion Swiss francs with Helvetia and played a crucial role in the IPOs of eToro and Klarna, valued at $4.2 billion and $1.4 billion, respectively. —Thomas Monteiro
Healthcare
Rothschild & Co
Rothschild & Co’s specialized healthcare team, consisting of over 100 advisory bankers across 20 offices, was instrumental in a number of intricate, high-value transactions this year.
Key achievements include advising Sanofi on the €16 billion sale of Opella and serving as a joint lead adviser for the €10 billion acquisition of Stada Arzneimittel by CapVest—one of the largest private equity deals in Europe in 2025. The firm also facilitated the sale of Ypsomed’s Diabetes Care division for 420 million Swiss francs to TecMed, and supported transactions across Asia and North America, including a $3 billion deal in India. —TM
Industrials/Chemicals
Barclays
2025 marked a notable increase in mergers and acquisitions within the industrials and chemicals sectors, with Barclays advising on pivotal transactions that reshaped these markets. The UK-based bank played a key advisory role in Berkshire Hathaway’s $9.7 billion purchase of OxyChem, as well as the $13.4 billion acquisition of Nova Chemicals by a consortium led by Abu Dhabi National Oil Company, reinforcing its position as a leader in cross-border deals. In addition, Barclays supported CVC Capital Partners in its £2 billion acquisition of Smiths Detection from Smiths Group, highlighting continuous interest in technological assets. —TM
Infrastructure Finance
Societe Generale
As infrastructure investments surged in 2025, Societe Generale played a pivotal role in significant transactions. The bank was mandated to arrange and lead financing of £5.5 billion (approximately $7.3 billion) for the Sizewell C nuclear power station, a key project for the UK’s energy strategy.
Furthermore, the bank arranged nearly $1.1 billion in green financing for the Eastern Green Link 2, a subsea electric cable aimed at connecting Scotland to England, which will boost the renewable energy supply for millions. Societe Generale also participated in €650 million financing for a European hyperscale data-center platform to underpin the development of cloud computing and AI infrastructure. —TM
Power/Energy
BTG Pactual
In the power and energy sector, BTG Pactual capitalized on the ongoing robust investment climate propelled by infrastructure spending and geopolitical developments. The bank advised Equatorial Energia on the $1.8 billion sale of its electricity-transmission assets, marking one of the largest infrastructure deals of the year.
Moreover, BTG advised Eletrobras in its divestment of a stake in Eletronuclear, as part of its portfolio optimization strategy. The firm also played a significant role in facilitating a minority stake sale in Orizon to eB Capital, contributing to the energy transition sector’s growth. —TM
Real Estate Finance
DBS Bank
DBS Bank, a leading player in real estate finance in the Asia-Pacific region, made headlines by issuing 300 million Singapore dollars (approximately $235 million) in notable five-year non-callable green subordinate perpetual securities with a competitive fixed rate.
Additionally, DBS was involved as a bookrunner in a $750 million bond issuance related to Hysan Development, and issued multitranche offshore yuan senior unsecured green notes totaling 3.5 billion, marking a landmark issuance in 2025. —Lyndsey Zhang
Sports Finance
Guggenheim Securities
Guggenheim Securities emerged as a major player in sports finance during 2025, offering counsel on significant franchise transactions and strategic restructurings. The firm facilitated CEO Mark Walter’s historic acquisition of the Los Angeles Lakers, valued at $10 billion—the highest for a professional sports franchise.
Guggenheim also supported Major League Baseball in a $9 billion debt restructuring with Main Street Sports Group, assisting the organization in its emergence from Chapter 11 bankruptcy. Furthermore, it advised Liberty Media on a €4.2 billion acquisition of Dorna Sports while providing structured credit solutions for sports entities seeking to leverage non-game day revenue. —TM
Technology
UBS
UBS capitalized on the resurgence of tech deal-making in 2025, driven by increased capital flows. The bank was the exclusive financial adviser in the $4.4 billion merger between Veeco Instruments and Axcelis Technologies, bringing together two semiconductor equipment manufacturers to cater to the surging demand in artificial intelligence and data centers.
UBS also led Fermi America’s $13.8 billion dual-listing IPO on the London Stock Exchange and Nasdaq, marking a significant moment as the first dual listing in over a century. The bank further served as a joint bookrunner for the €901.6 million IPO of Swiss Marketplace Group, among the largest digital platform listings in Europe.