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Big Four Eye Mega M&A Deals: Investment Banks Face New Rivals
23 Feb
Summary
- Big Four firms now compete for M&A deals over $500 million.
- EY led advisement on seven such transactions in a recent year.
- Firms offer bundled services beyond traditional matchmaking.
Indian arms of the Big Four professional services firms are aggressively entering the M&A market for deals exceeding $500 million, an arena previously dominated by global investment banks. Between October 2024 and October 2025, EY advised on seven such significant transactions, with PwC and Deloitte also reporting involvement. These deals, while not always large by international standards, hold substantial market influence in India.
The Big Four have cultivated expertise through consistent mid-sized deal involvement and strong relationships with Indian businesses. This has positioned them to challenge established investment banks for larger mandates. They differentiate themselves by providing comprehensive services, including due diligence, structuring, tax advisory, and post-deal integration, extending beyond the matchmaking role of traditional banks.
This expansion is fueled by India's robust economic growth, projected to add trillions to its GDP and drive consolidation. Consequently, billion-dollar transactions are becoming more frequent across various sectors like banking, infrastructure, and industrials. The evolving regulatory environment in India is also enabling domestic banks to offer acquisition financing, further bolstering large-ticket deals.
