Mergers & Acquisitions

ABG Sundal Collier Acquires FIH Partners to Boost Danish Investment Banking Reach

Gist ABG Sundal Collier is acquiring Danish M&A advisory firm FIH Partners and merging it with its existing Danish operations under the ABGSC brand in Copenhagen. The deal includes DKK 50 million upfront in cash and shares, plus up to DKK 150 million in performance-based earn-outs over four years tied to profitability. FIH Partners brings …

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Citi Forecasts ~25% YoY Surge in Q4 Investment Banking Fees Amid Strategy & Regulatory Shifts

Key Takeaways Citigroup CFO Mark Mason forecasts that investment banking fees will rise by **mid-20% year-over-year** in the fourth quarter (Q4) of 2025, driven largely by momentum in mergers and acquisitions (M&A). [1][2] In contrast, Citigroup expects markets revenue for the same period to decline by **low-to-mid single digits** year-over-year. [1][2] The bank’s global economic …

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Citigroup Sees 25% Surge in Q4 Investment Banking Fees Amid Soft Market Revenues

Executive Summary Citigroup CFO Mark Mason expects investment banking fees in Q4 2025 to increase by approximately 25% year-over-year, driven by strong M&A activity; market revenues are projected to decline modestly compared to the same period. Meanwhile, the bank is underway with major transformation efforts, with around two-thirds of its cost-cutting and operational streamlining initiatives …

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JPMorgan Intensifies Mid-Cap Investment Banking Push With Sector Talent Surge

Executive Summary JPMorgan Chase is accelerating its investment in its mid-cap investment banking division, making a series of senior hires across different specialties—consumer, energy, business services, natural resources, and capital goods—underscoring a strategic pivot to capture fee income and deal flow from mid-market firms. Key hires include two new managing directors for its North America …

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Investment Banking Outlook: Digital, ESG & Emerging Markets Power Long-Term Growth

Executive Summary The global investment banking market was valued at approximately USD 103.23 billion in 2024 and is forecast to grow at a CAGR of about 7.55% to USD 183.28 billion by 2032, driven by digitalization, ESG advisory demand, and rising deal activity in emerging markets, particularly Asia Pacific [1]. Major banks—including Goldman Sachs, JPMorgan …

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When Stated vs. Modeled Cost-of-Equity Diverges: Deal Incentives & Valuation Signals

Gist Investment bankers’ disclosed cost of equity (COE) estimates from takeover filings are significantly related to beta and firm size, but show weak or contradictory relations with many other firm-level risk factors—differing from common academic asset-pricing models. [1] [7] Banks assign higher COEs in management buyouts, lowering implied valuation of targets, which appears tied to …

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Jefferies Q3 2025: Record Advisory Fees & Investment Banking Surge Amid Fixed Income Volatility

Executive Summary Jefferies delivered a strong Q3 2025 with net revenues of $2.05 billion, up 22% year-over-year, underpinned by a record advisory performance and gains in debt underwriting, though fixed income and equity underwriting showed mixed results. In comparison with peers like Goldman Sachs, Morgan Stanley, and Citigroup, Jefferies’ investment banking growth is competitive on …

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Morgan Stanley Unites Energy & Power Investment Banking Under New Leadership

Executive Summary Morgan Stanley has restructured its energy investment banking operations by combining its Global Energy and Global Power & Utilities groups into a single Global Power & Energy Group, effective September 2025. The new unit is co-led by Jon Fouts (formerly Global Head of Power & Utilities) and Michael O’Dwyer (formerly Global Head of …

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Mizuho Eyes India Entry with Avendus Bid—But Valuation & Governance Pose Key Risks

Executive Summary Mizuho Financial Group is intensifying efforts to expand its investment banking operations in India, with a focus on servicing corporate and institutional clients rather than commercial or retail segments. Key to this strategy is acquiring a majority stake in Avendus Capital—valued between US$700–800 million—which would provide Mizuho a local platform to accelerate deal-making …

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Paramount’s $108B All-Cash Bid Competes with Netflix in Media Deal Showdown

Executive Summary Paramount Skydance has submitted a $108.4 billion all-cash hostile bid to acquire Warner Bros. Discovery (WBD), offering $30 per share—surpassing Netflix’s competing deal valued at about $82.7–83 billion with $27.75 per share. Netflix’s deal would acquire only WBD’s studios and streaming businesses, whereas Paramount’s offer includes WBD’s entire company, including linear cable assets. …

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