RBC Capital Markets and BMO Capital Markets lead 2025 M&A advisory in metals & mining sector

By Newsdesk

January 28 2026
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In a significant development within the metals and mining sector, RBC Capital Markets and BMO Capital Markets have emerged as the leading financial advisers for mergers and acquisitions (M&A) during 2025. This revelation comes from GlobalData, a prominent intelligence and productivity platform, which has released its updated Financial and Legal Adviser League Tables.

RBC Capital Markets and BMO Capital Markets lead 2025 M&A advisory in metals & mining sector

RBC Capital Markets has claimed the top spot in terms of deal value, advising on transactions worth an impressive $27.8 billion. Meanwhile, BMO Capital Markets has been recognised for advising on the highest number of deals, a total of 16, securing its position as the leader in terms of volume. Aurojyoti Bose, Lead Analyst at GlobalData, highlighted the consistency of BMO Capital Markets, noting, "BMO Capital Markets was the top adviser by volume in 2024 and retained its leadership position by this metric in 2025 as well. It also held the fifth position by value in 2025."

RBC Capital Markets' rise to the top of the value rankings marks a significant leap from its 10th position in 2024. This leap was propelled by a more than five-fold increase in the total value of deals it advised on. Bose elaborated on this achievement, stating, "RBC Capital Markets went ahead from occupying the 10th position by value in 2024 to top the chart by this metric in 2025, as there was more than a five-fold jump in the total value of deals advised by it. Four of the eight deals advised by RBC Capital Markets during 2025 were billion-dollar deals that also included a mega deal valued more than $10 billion, which helped it secure the top spot."

In the financial advisory sector, Morgan Stanley secured the second position in terms of value, having advised on deals worth $18.5 billion. Goldman Sachs followed closely with $17.8 billion, while Centerview Partners and BMO Capital Markets rounded out the top five, advising on deals worth $17.7 billion and $15.6 billion, respectively.

On the volume front, Canaccord Genuity Group matched BMO Capital Markets with 16 deals, while Evans & Evans followed with nine deals. RBC Capital Markets and CIBC Capital Markets both advised on eight deals each, showcasing a competitive landscape in terms of deal volume.

Turning to the legal advisory domain, Webber Wentzel and Blake Cassels & Graydon have been recognised as the leading legal advisers in the metals and mining sector for 2025. Webber Wentzel achieved the top position by value, advising on deals worth $20 billion. Meanwhile, Blake Cassels & Graydon led in terms of volume, advising on a total of 23 deals.

Aurojyoti Bose of GlobalData commented on the performance of Blake Cassels & Graydon, stating, "Blake Cassels & Graydon registered an improvement in the total number of deals advised by it in 2025 compared to the previous year. Its ranking by volume improved from fourth to the top position. It also held the fifth position by value in 2025."

Webber Wentzel's ability to lead by value, despite advising on fewer deals, was attributed to its involvement in significant transactions. Bose explained, "Webber Wentzel advised on much lesser number of deals but managed to lead by value, driven by big-ticket deals. During 2025, it advised on two billion-dollar deals that also included a mega deal valued more than $10 billion."

In terms of legal advisory value, Latham & Watkins secured the second position, advising on deals worth $19.7 billion. Wachtell, Lipton, Rosen & Katz followed with $19.1 billion, while Torys and Blake Cassels & Graydon completed the top five with $17.8 billion and $15.2 billion, respectively.

For volume, Cassels Brock & Blackwell and Fasken Martineau DuMoulin matched Blake Cassels & Graydon with 23 deals each. DLA Piper and McCarthy Tetrault followed, advising on 12 and 11 deals, respectively.

These rankings underscore the dynamic nature of the metals and mining sector and highlight the pivotal roles played by financial and legal advisers in shaping the landscape of mergers and acquisitions. As the sector continues to evolve, the expertise of these advisers remains crucial in navigating complex transactions and maximising value for their clients.

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