M&A advisor fees · SEC filings 2023–2026

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How much do M&A advisors charge?

Across 660 US merger proxies and tender-offer statements filed 2023–2026, target-side advisor fees fell from a median of 5.9% of deal value on deals under $50M to 0.9% on deals over $5B.

The fairness-opinion portion, paid when the opinion is delivered, had a median of $2.0M across 540 disclosures. Every fee below links to the sentence in the filing that states it.

Fees by deal size

In 114 disclosed deals valued $1–5B, target-side advisor fees had a median of 1.84% of deal value; in 19 deals under $50M the median was 5.90%, and in 58 deals above $5B it was 0.94% (SEC filings, 2023–2026).

Sum of every target-side advisor's fee in each deal, divided by deal value. Deal value is the aggregate consideration stated in the filing or, where none is stated, the cash price per share × shares outstanding. SPAC mergers and deals whose two value measures disagree by more than 2× are excluded.

Deal value	Deals	Median fee	Median % of value	Middle half	Median opinion fee
Under $50M	19	$1.66M	5.90%	2.83%–9.05%	$575K
$50–100M	22	$2.5M	3.44%	1.25%–4.96%	$1M
$100–250M	30	$3.95M	2.27%	1.46%–3.82%	$1M
$250–500M	39	$9.8M	2.92%	1.75%–3.69%	$1M
$500M–1B	46	$15.8M	2.38%	1.74%–2.98%	$2M
$1–5B	115	$37M	1.84%	1.32%–2.30%	$2.5M
$5B+	58	$89M	0.94%	0.58%–1.25%	$4M

Fees by who hired the bank

Advisors hired by the target company had a median fee of 1.47% of deal value across 334 disclosures, on a median deal of $1.35B. Advisors to a special committee had a median of 0.76% across 31, on a median deal of $1.06B. Advisors to the acquirer had a median of 0.73% across 43, on a median deal of $1.2B. Deal sizes differ between these groups, so the size breakdown below is the fairer comparison.

One row per advisor fee. The first table covers every deal size; the second compares the same groups within each deal-size band. Groups with fewer than eight disclosures in a band are not given a median.

Who hired the bank	Disclosed fees	Median fee	Median % of deal value	Median deal value
The target company	334	$23.5M	1.47%	$1.35B
The target's board	33	$29.9M	1.84%	$1.78B
A special committee	31	$12.3M	0.76%	$1.06B
The acquirer	43	$9M	0.73%	$1.2B
Other parties	5	$5M	too few	$101M

Who hired the bank	Under $250M	$250M–1B	$1–5B	$5B+
The target company	2.81%61 · median deal $99.3M	2.24%79 · median deal $550M	1.35%125 · median deal $2.14B	0.67%69 · median deal $8.13B
The target's board	too few (4)	3.25%9 · median deal $522M	1.55%12 · median deal $2.07B	0.60%8 · median deal $9.6B
A special committee	2.17%9 · median deal $66.8M	too few (6)	0.76%11 · median deal $2.52B	too few (5)
The acquirer	1.17%11 · median deal $105M	1.11%9 · median deal $612M	0.57%12 · median deal $1.71B	0.26%11 · median deal $19B

Fees by bank tier and deal size

On sell-side deals valued $1–5B, a single bulge-bracket bank's fee had a median of 1.29% of deal value (80 disclosures), an elite boutique's 1.57% (44), and a middle-market bank's 1.16% (17).

A single bank’s fee on the sell side (target, target board or special committee), as a share of deal value, by the tier the bank is placed in on the public lists in the advisor directory. Each cell shows the median, the number of disclosures and the median deal value in that cell.

Bank tier	Under $250M	$250M–1B	$1–5B	$5B+
Bulge bracket	too few (6)	2.58%27 · median deal $574M	1.29%80 · median deal $2.07B	0.73%43 · median deal $7.89B
Elite boutique	3.82%10 · median deal $119M	2.75%30 · median deal $535M	1.57%44 · median deal $2.3B	0.64%25 · median deal $9.52B
Middle market	2.96%28 · median deal $96.4M	1.69%23 · median deal $486M	1.16%17 · median deal $1.85B	too few (6)
Not on a tier list	2.48%33 · median deal $57.3M	1.75%14 · median deal $496M	1.27%8 · median deal $2.27B	0.38%8 · median deal $9.56B

Fees by industry

Median combined sell-side advisor fee as a share of deal value, by the target's industry: Healthcare & life sciences, 2.45% across 130 deals (median deal $1.03B); Technology & telecom, 1.92% across 54 deals (median deal $1.45B); Industrials & business services, 1.78% across 53 deals (median deal $715M). Industries with smaller typical deals show higher percentages, so the columns on the right compare industries within the same deal size.

Combined fee of every sell-side advisor in each deal, as a share of deal value, by the target’s industry from its SEC standard industrial classification code. Industries with fewer than eight deals are not shown.

Industry	Deals	Median fee	Median % of value	Median deal value	% of value, Under $250M	% of value, $250M–1B	% of value, $1–5B	% of value, $5B+
Healthcare & life sciences	130	$27.4M	2.45%	$1.03B	3.87%31 · median deal $95.4M	3.09%33 · median deal $522M	2.29%41 · median deal $2.05B	1.21%25 · median deal $9.02B
Technology & telecom	54	$29M	1.92%	$1.45B	2.93%13 · median deal $45.4M	2.61%9 · median deal $478M	1.84%21 · median deal $2.05B	0.64%11 · median deal $15.2B
Industrials & business services	53	$16.8M	1.78%	$715M	1.98%13 · median deal $115M	2.19%18 · median deal $519M	1.75%16 · median deal $2.41B	too few (6)
Consumer & retail	37	$24M	1.54%	$1.63B	too few (6)	1.95%10 · median deal $648M	1.53%15 · median deal $2.29B	too few (6)
Financial services	25	$13.5M	1.11%	$1.2B	too few (3)	too few (6)	1.13%11 · median deal $1.51B	too few (5)
Real estate	19	$23.8M	1.96%	$1.49B	too few (2)	too few (5)	2.00%10 · median deal $1.56B	too few (2)
Energy, mining & utilities	9	$32M	1.13%	$502M	too few (2)	too few (3)	too few (1)	too few (3)

When the fee is paid

Beyond when the fee is paid, a filing may or may not mention a retainer, a tail period, an expense cap or an indemnity: how often proxies mention each term of the engagement, and what the opinion itself costs on the fairness opinion page. The published Lehman and double Lehman schedules are set against these disclosed fees on their own page, and M&A legal fees by deal size are on the legal page.

Where a filing states both, the fairness-opinion fee was a median 13.1% of the advisor's total fee (494 disclosures), usually paid when the opinion is delivered. A median 90.3% of the fee was payable only if the deal closed (502 disclosures), and in 104 of them the whole fee was.

Per advisor fee. The opinion fee is the part stated as payable on delivery of the fairness opinion. The part payable only on closing is shown only where the filing states it, or states the total and the other part of the fee; it is not estimated.

Deal value	Median opinion fee	Opinion fee as % of total fee	Share payable only on closing	Whole fee on closing
Under $250M	$1M	33.3%46	83.3%59	34%of 59
$250M–1B	$1.63M	12.7%80	88.9%76	14%of 76
$1–5B	$2.25M	8.7%112	93.8%115	23%of 115
$5B+	$4M	7.4%65	94.5%58	19%of 58

What the whole deal costs

In 41 US mergers whose proxy itemized the estimated fees and expenses of the deal, the total had a median of $13.7M. Financial advisory fees were a median 52% of that total, legal and accounting fees 41%, and printing, proxy solicitation and filing fees 1.7%. Where the deal value is known, total expenses were a median 2.97% of it (27 deals).

Some merger proxies, mostly for going-private and cash deals, print a table of the company’s estimated fees and expenses for the transaction. These are the 41 tables filed 2023–2026 whose items add up to their stated total. They are the company’s estimates at the time of the proxy and cover the company’s side only; the buyer’s own costs are not included. Where a proxy combines legal and accounting fees in one line, it is shown as legal.

Company	Deal value	Total expenses	Financial advisory	Legal	Accounting	Printing and filing	Source
Distribution Solutions Group, Inc.2026	—	$7.5M	$4.27M	$3Mwith accounting	in legal	$175K	DEFM14AOct 2026
Bowhead Specialty Holdings Inc.2026	$1.12B	$20.1M1.80% of value	$9.75M	$10.1M	—	$311K	DEFM14AOct 2026
Utz Brands, Inc.2026	—	$52M	$42.5M	$7.09M	—	$444K	DEFM14AOct 2026
LogicMark, Inc.2026	$1.18M	$490K41.59% of value	$210K	$200Kwith accounting	in legal	$70K	DEFM14AAug 2026
Electro Sensors Inc.2026	—	$586K	$249K	$274Kwith accounting	in legal	$34K	DEFM14AJun 2026
KORE Group Holdings, Inc.2026	$700M	$11.8M1.69% of value	$5.23M	$4.03Mwith accounting	in legal	$75K	DEFM14AJun 2026
Fonar Corp2026	$66.8M	$1.49M2.23% of value	$120K	$1.04Mwith accounting	in legal	$330K	DEFM14AApr 2026
Clearwater Analytics Holdings, Inc.2026	$7.89B	$124M1.57% of value	$106M	$17Mwith accounting	in legal	$1.34M	DEFM14AApr 2026
European Wax Center, Inc.2026	—	$17.3M	$10.9M	$6M	$72K	$287K	DEFM14AApr 2026
Janus Henderson Group PLC2026	$7.55B	$140M1.86% of value	$55.2M	$83.7Mwith accounting	in legal	$1.46M	DEFM14AMar 2026
Golden Entertainment, Inc.2026	$72M	$18.7M26.00% of value	$10.5M	$7.5Mwith accounting	in legal	$585K	DEFM14AMar 2026
Guess Inc.2025	—	$24M	$11.6M	$11.5Mwith accounting	in legal	$440K	DEFM14AOct 2025
Emeren Group Ltd2025	—	$1.66M	$350K	$963K	—	$100K	DEFM14AOct 2025
AvidXchange Holdings, Inc.2025	$2.34B	$87.2M3.73% of value	$62.3M	$24.5Mwith accounting	in legal	$435K	DEFM14AAug 2025
ESSA Pharma Inc.2025	—	$5.63M	$2.65M	$2.83Mwith accounting	in legal	$150K	DEFM14AAug 2025
TaskUs, Inc.2025	—	$18.6M	$12.6M	$5.6Mwith accounting	in legal	$236K	DEFM14AAug 2025
Walgreens Boots Alliance, Inc.2025	$12.1B	$150M1.24% of value	$70M	$45M	$26.3M	$4.44M	DEFM14AJun 2025
Nordstrom Inc.2025	$4.05B	$66M1.63% of value	$55M	$9.3M	—	$984K	DEFM14AApr 2025
Vacasa, Inc.2025	$5,300	$11.2M210396.98% of value	$5.75M	$5M	$140K	$261K	DEFM14AMar 2025
Liberty TripAdvisor Holdings, Inc.2025	—	$5.4M	$2M	$2.78Mwith accounting	in legal	$516K	DEFM14AMar 2025
VOXX International Corp2025	$181M	$6.27M3.46% of value	$4.4M	$1.7M	$42K	$82K	DEFM14AMar 2025
Bally's Corp2024	$650M	$34.1M5.24% of value	$14.7M	$16.1Mwith accounting	in legal	$322K	DEFM14AOct 2024
Arc Document Solutions, Inc.2024	$162M	$5.02M3.10% of value	$1.5M	$3M	$50K	$122K	DEFM14AOct 2024
R1 RCM Inc. /DE2024	$5.8B	$149M2.56% of value	$116M	$25M	$400K	$780K	DEFM14AOct 2024
Doma Holdings, Inc.2024	$88.1M	$13.9M15.77% of value	$7.9M	$5.4M	$288K	$64K	DEFM14AJul 2024
Whole Earth Brands, Inc.2024	$211M	$14.3M6.77% of value	$10.6M	$3.5Mwith accounting	in legal	$164K	DEFM14AJun 2024
HireRight Holdings Corp2024	$876M	$16.5M1.89% of value	$10.6M	$3.38M	$1.43M	$260K	DEFM14AMay 2024
Fathom Digital Manufacturing Corp2024	—	$2.66M	$700K	$1.78M	$148K	$14K	DEFM14AApr 2024
Via Renewables, Inc.2024	—	$2.14M	$1.02M	$900K	—	$114K	DEFM14AMar 2024
Eargo, Inc.2024	$52.9M	$5.34M10.09% of value	$2M	$2.85M	—	$140K	DEFM14AJan 2024
Consolidated Communications Holdings, Inc.2023	$547M	$29.6M5.40% of value	$14.6M	$14.4Mwith accounting	in legal	$183K	DEFM14ADec 2023
Green Plains Partners LP2023	$46.5M	$5.16M11.10% of value	$3.5M	$1.4Mwith accounting	in legal	$223K	DEFM14ADec 2023
Holly Energy Partners LP2023	—	$7.75M	$3.75M	$3.18Mwith accounting	in legal	$215K	DEFM14AOct 2023
Paratek Pharmaceuticals, Inc.2023	$462M	$13.7M2.97% of value	$9.26M	$4M	$100K	$327K	DEFM14AAug 2023
Franchise Group, Inc.2023	$1.06B	$15M1.42% of value	$8.3M	$6.5Mwith accounting	in legal	$158K	DEFM14AJul 2023
Berkshire Grey, Inc.2023	—	$10.4M	$6.71M	$3.5Mwith accounting	in legal	$201K	DEFM14AJun 2023
Focus Financial Partners Inc.2023	$4.35B	$50.7M1.17% of value	$30.1M	$18.1Mwith accounting	in legal	$718K	DEFM14AJun 2023
Trean Insurance Group, Inc.2023	$315M	$2.87M0.91% of value	$1.17M	$1.37Mwith accounting	in legal	$136K	DEFM14AMar 2023
AgroFresh Solutions, Inc.2023	$161M	$7.27M4.51% of value	$4M	$3.15Mwith accounting	in legal	$119K	DEFM14AMar 2023
I-Minerals Inc2023	—	$120K	$11K	$96Kwith accounting	in legal	$8,000	DEFM14AJan 2023
Myovant Sciences Ltd.2023	$1.7B	$48.8M2.87% of value	$39.2M	$8.95M	$200K	$415K	DEFM14AJan 2023

Deals with more than one bank

72 of 329 deals (22%) had two or more sell-side banks. With one bank the combined fee had a median of 1.89% of deal value on a median deal of $818M; with two, 1.97% on a median deal of $2.47B.

Deals grouped by the number of banks advising the sell side that disclosed a fee. The combined fee is the sum of those banks’ fees.

Sell-side banks	Deals	Median combined fee	Median % of value	Median deal value
One	257	$17M	1.89%	$818M
Two	70	$57.2M	1.97%	$2.47B
Three or more	2	$148M	too few	$39.8B

Fees by year

2023: 1.73% across 78 deals (median deal $944M); 2024: 1.84% across 75 deals (median deal $1.12B); 2025: 2.11% across 92 deals (median deal $945M); 2026: 1.87% across 84 deals (median deal $1.56B). Year-to-year movement mostly follows the mix of deal sizes filed that year, and 2026 covers filings through Oct 2026.

Year filed	Deals	Median fee	Median % of value	Median deal value
2023	78	$19M	1.73%	$944M
2024	75	$22.5M	1.84%	$1.12B
2025	92	$26.1M	2.11%	$945M
2026	84	$30.5M	1.87%	$1.56B

Fees by firm

Goldman Sachs disclosed 85 fees with a median of $35M (1.17% of deal value), Centerview Partners 81 with a median of $35M (1.75%), and J.P. Morgan 70 with a median of $24M (1.09%) in 2023–2026 SEC filings. By tier, a single elite-boutique advisor's fee had a median of 1.75% of deal value across 109 disclosures, against 1.21% across 155 for bulge-bracket banks.

Firms with two or more disclosed fees. Tier follows the public lists described in the advisor directory; a firm is placed on the first list it appears on.

Firm	Tier	Fee disclosures	Median fee	Median % of value	Median opinion fee
Goldman Sachs	Bulge bracket	85	$35M	1.17%	$2M
Centerview Partners	Elite boutique	82	$34.7M	1.75%	$2M
J.P. Morgan	Bulge bracket	71	$23M	1.09%	$3M
BofA Securities	Bulge bracket	51	$18M	1.07%	$2M
Morgan Stanley	Bulge bracket	44	$34M	1.50%	$4.5M
Jefferies	Middle market	35	$18.5M	1.45%	$2M
Citi	Bulge bracket	24	$20.5M	1.42%	$2.5M
Evercore	Elite boutique	23	$20M	1.55%	$2M
Leerink Partners	Not on a tier list	22	$3M	2.62%	$1M
Houlihan Lokey	Middle market	21	$2.2M	1.61%	$875K
TD Cowen	Middle market	18	$3.25M	3.82%	$1M
Lazard	Elite boutique	16	$20M	1.60%	$2M
Wells Fargo Securities	Not on a tier list	15	$15.7M	1.02%	$3.5M
Piper Sandler	Middle market	13	$3M	2.17%	$875K
Guggenheim Securities	Elite boutique	13	$11.2M	1.12%	$2.25M
PJT Partners	Elite boutique	13	$26.2M	0.80%	$5M
Keefe, Bruyette & Woods	Not on a tier list	9	$4.5M	1.21%	$1M
Perella Weinberg Partners	Elite boutique	9	$6M	2.12%	$2M
Kroll	Middle market	9	$575K	0.43%	$243K
Truist Securities	Middle market	8	$7.7M	1.75%	$1M
Raymond James	Middle market	7	$2.25M	1.26%	$350K
Newbridge	Not on a tier list	7	$75K	—	$45K
Moelis & Company	Elite boutique	6	$19.5M	2.06%	$2.25M
Allen & Company	Not on a tier list	6	$37.5M	0.13%	$7.75M
William Blair	Middle market	5	$1M	0.62%	$1M
BMO	Not on a tier list	5	$17.2M	—	$3M
Rothschild	Elite boutique	5	$14.3M	1.77%	$2.75M
Stifel	Middle market	4	$1.75M	5.88%	$1.5M
UBS	Bulge bracket	4	$18.3M	4.66%	$2.5M
Roth Capital Partners	Not on a tier list	4	$230K	17.82%	$263K
Chestnut	Not on a tier list	3	$4M	0.35%	—
RBC Capital Markets	Not on a tier list	3	$10M	0.20%	$1.5M
Craig-Hallum	Not on a tier list	3	$500K	3.70%	$300K
BTIG	Not on a tier list	3	$1.5M	0.92%	$500K
Chardan	Not on a tier list	3	$6.81M	11.35%	—
RBCCM	Not on a tier list	3	$4M	1.70%	$4.5M
FT	Not on a tier list	3	$11.3M	2.06%	$1.13M
Scalar	Not on a tier list	2	$118K	—	$85K
Deutsche Bank	Bulge bracket	2	$18.5M	1.11%	$1.5M
Intrinsic	Not on a tier list	2	$200K	0.20%	—
Barclays	Bulge bracket	2	$45.5M	0.77%	$3M
Cohen	Not on a tier list	2	$3.75M	0.83%	$500K
MTS	Not on a tier list	2	$2.5M	—	$2.5M
Ardea	Not on a tier list	2	$26.3M	1.13%	—
Gordon Dyal	Not on a tier list	2	$45M	—	—
Santander	Not on a tier list	2	$5M	—	—
Lincoln	Middle market	2	$1.4M	—	—
Qatalyst Partners	Elite boutique	2	$83.5M	0.51%	$6.25M
IBI Corporate Finance	Not on a tier list	2	$435K	2.72%	—
Focus	Lower middle market	2	$880K	2.93%	—
Intrepid	Not on a tier list	2	$250K	0.15%	$875K
Stephens	Middle market	2	$6.25M	0.70%	—
Macquarie	Not on a tier list	2	$9.8M	1.63%	$1.25M
Kidron	Not on a tier list	2	$275K	4.74%	$150K
Solomon	Not on a tier list	0	—	—	$2.25M
Robert W. Baird	Middle market	2	$12.8M	—	$1.5M
LionTree	Not on a tier list	2	$31.5M	—	$8M
JLL	Not on a tier list	2	$3.33M	0.80%	$400K

Bank profiles

Each of the 27 banks with five or more disclosed fees, with the medians for its own engagements and its most recent engagements, each linked to the filing it comes from. Each profile has its own link; every engagement is in the full table at the end of the page.

Goldman Sachs #

Goldman Sachs disclosed 85 advisor fees in US merger proxies and tender-offer statements filed 2023–2026 (74 for the sell side, 11 for the acquirer), with a median fee of $35M; where deal value is known, the median was 1.17% of deal value across 53 deals, on a median deal of $2.98B.

Tier: Bulge bracket
Median fairness-opinion fee: $2M (15 disclosures)
Share of the fee payable only on closing: median 100% (61 disclosures)
Industries: Healthcare & life sciences (24), Industrials & business services (18), Consumer & retail (11)
Largest disclosed fee: $117M, advising the target company on Karuna Therapeutics, Inc. (2024) DEFM14AFeb 2024

The 8 most recent of 85 disclosed engagements; all of them are in every disclosed fee below.

Target	Advising	Deal value	Fee	% of value	Source
CBIZ, Inc.acquired by Grant Thornton	target company	$2.98B	$53M	1.78%	DEFM14ASep 2026
Integer Holdings Corpacquired by Kkr	target company	$4.32B	$85.7M	1.99%	DEFM14ASep 2026
BIO-TECHNE Corp	target company	$11.3B	$106M	0.94%	DEFM14AAug 2026
Dominion Energy, Inc.acquired by NextEra Energy	target company	—	$47M	—	DEFM14AJul 2026
Avalonbay Communities Inc.acquired by Equity Residential	target company	$24.7B	$65M	0.26%	DEFM14AJul 2026
Apogee Therapeutics, Inc.acquired by AbbVie	target company	$10B	$65M	0.65%	DEFM14AJul 2026
Corebridge Financial, Inc.acquired by Equitable Holdings, Inc.	acquirer	—	$50M	—	DEFM14AJun 2026
Equitable Holdings, Inc.acquired by Corebridge Financial, Inc.	target company	—	$50M	—	DEFM14AJun 2026

Centerview Partners #

Centerview Partners disclosed 82 advisor fees in US merger proxies and tender-offer statements filed 2023–2026 (78 for the sell side, 4 for the acquirer), with a median fee of $34.7M; where deal value is known, the median was 1.75% of deal value across 67 deals, on a median deal of $1.91B.

Tier: Elite boutique
Median fairness-opinion fee: $2M (80 disclosures)
Share of the fee payable only on closing: median 94.2% (74 disclosures)
Industries: Healthcare & life sciences (60), Technology & telecom (10), Consumer & retail (4)
Largest disclosed fee: $113M, advising the target's board on Verona Pharma plc (2025) DEFM14AAug 2025

The 8 most recent of 82 disclosed engagements; all of them are in every disclosed fee below.

Target	Advising	Deal value	Fee	% of value	Source
Personalisacquired by Tempus AI	target company	—	$29.4M	—	DEFM14AOct 2026
Biolife Solutions Inc.acquired by Repligen	target company	$1.58B	$25M	—	DEFM14ASep 2026
Nuvalent, Inc.	target company	$10.6B	$100M	0.94%	SC 14D9Jun 2026
Esperion Therapeutics, Inc.	target company	$703M	$37.5M	5.34%	DEFM14AJun 2026
KalVista Pharmaceuticals, Inc.	target company	$1.08B	$44M	4.09%	SC 14D9May 2026
Centessa Pharmaceuticals plcacquired by Lilly	target company	—	$66M	—	DEFM14AMay 2026
Soleno Therapeutics Inc.	target company	$4.44B	$40M	0.90%	SC 14D9Apr 2026
Terns Pharmaceuticals, Inc.acquired by Merck	target company	$6.69B	$50.5M	0.75%	SC 14D9Apr 2026

J.P. Morgan #

J.P. Morgan disclosed 71 advisor fees in US merger proxies and tender-offer statements filed 2023–2026 (55 for the sell side, 16 for the acquirer), with a median fee of $23M; where deal value is known, the median was 1.09% of deal value across 43 deals, on a median deal of $2.14B.

Tier: Bulge bracket
Median fairness-opinion fee: $3M (59 disclosures)
Share of the fee payable only on closing: median 88.9% (49 disclosures)
Industries: Technology & telecom (17), Industrials & business services (15), Healthcare & life sciences (13)
Largest disclosed fee: $90M, advising the target company on Warner Bros. Discovery, Inc. (2026) DEFM14AMar 2026

The 8 most recent of 71 disclosed engagements; all of them are in every disclosed fee below.

Target	Advising	Deal value	Fee	% of value	Source
LCI Industriesacquired by Patrick Industries	acquirer	—	$20M	—	DEFM14AOct 2026
Marketaxess Holdings Inc.	target company	$5.88B	$65.5M	1.11%	DEFM14ASep 2026
ACV Auctions Inc.acquired by Copart	target company	$1.78B	$26M	1.46%	SC 14D9Sep 2026
Atkore Inc.acquired by Prysmian	target company	$2.6B	$21.5M	0.83%	DEFM14ASep 2026
Crinetics Pharmaceuticals, Inc.	target company	$9.02B	$69.4M	0.77%	DEFM14AJul 2026
Dominion Energy, Inc.acquired by NextEra Energy	target company	—	$78M	—	DEFM14AJul 2026
Avanos Medical, Inc.acquired by Aip	target company	$4.13M	$20M	—	DEFM14AJun 2026
Catalyst Pharmaceuticals, Inc.	target company	$3.86B	$61M	1.58%	DEFM14AJun 2026

BofA Securities #

BofA Securities disclosed 51 advisor fees in US merger proxies and tender-offer statements filed 2023–2026 (45 for the sell side, 6 for the acquirer), with a median fee of $18M; where deal value is known, the median was 1.07% of deal value across 34 deals, on a median deal of $1.61B.

Tier: Bulge bracket
Median fairness-opinion fee: $2M (41 disclosures)
Share of the fee payable only on closing: median 88.9% (33 disclosures)
Industries: Industrials & business services (13), Real estate (11), Healthcare & life sciences (9)
Largest disclosed fee: $130M, advising the target company on Norfolk Southern Corporation (2025) DEFM14AOct 2025

The 8 most recent of 51 disclosed engagements; all of them are in every disclosed fee below.

Target	Advising	Deal value	Fee	% of value	Source
Bowman Consulting Group Ltd.acquired by Bernhard	target company	$573M	$14.8M	2.58%	DEFM14AOct 2026
LXP Industrial Trust	target company	$3.61B	$13M	0.36%	DEFM14ASep 2026
Gran Tierra Energy Inc.acquired by Maurel & Prom	target company	—	$10M	—	DEFM14ASep 2026
Dominion Energy, Inc.acquired by NextEra Energy	acquirer	—	$30M	—	DEFM14AJul 2026
Cross Country Healthcare Inc.	target company	$428M	$6.12M	1.43%	DEFM14AJun 2026
Sila Realty Trust, Inc.acquired by Blue Owl	target company	$1.57B	$24.9M	1.58%	DEFM14AMay 2026
Whitestone REIT	target company	$781M	$17.5M	2.24%	DEFM14AMay 2026
ENVIRI Corpacquired by Veolia	target company	$3.04B	$46M	—	DEFM14AApr 2026

Morgan Stanley #

Morgan Stanley disclosed 44 advisor fees in US merger proxies and tender-offer statements filed 2023–2026 (38 for the sell side, 6 for the acquirer), with a median fee of $34M; where deal value is known, the median was 1.50% of deal value across 24 deals, on a median deal of $2.2B.

Tier: Bulge bracket
Median fairness-opinion fee: $4M (38 disclosures)
Share of the fee payable only on closing: median 89.5% (25 disclosures)
Industries: Technology & telecom (10), Industrials & business services (10), Real estate (7)
Largest disclosed fee: $84M, advising the target company on Confluent, Inc. (2026) DEFM14AJan 2026

The 8 most recent of 44 disclosed engagements; all of them are in every disclosed fee below.

Target	Advising	Deal value	Fee	% of value	Source
Personalisacquired by Tempus AI	acquirer	—	$15M	—	DEFM14AOct 2026
Lantheus Holdings, Inc.acquired by CapVest	target company	$6.69B	$81M	1.21%	DEFM14ASep 2026
Simulations Plus, Inc.	target company	$375M	$11M	2.93%	DEFM14AJul 2026
Avalonbay Communities Inc.acquired by Equity Residential	acquirer	$24.7B	$50M	0.20%	DEFM14AJul 2026
Huntsman CORPacquired by Olin	target company	—	$9M	—	DEFM14AJul 2026
Corebridge Financial, Inc.acquired by Equitable Holdings, Inc.	target company	—	$60M	—	DEFM14AJun 2026
Equitable Holdings, Inc.acquired by Corebridge Financial, Inc.	acquirer	—	$60M	—	DEFM14AJun 2026
Organon & Co.acquired by Sun Pharma	target company	$3.68B	$39.4M	1.07%	DEFM14AJun 2026

Jefferies #

Jefferies disclosed 35 advisor fees in US merger proxies and tender-offer statements filed 2023–2026 (34 for the sell side, 1 for the acquirer), with a median fee of $18.5M; where deal value is known, the median was 1.45% of deal value across 32 deals, on a median deal of $1.2B.

Tier: Middle market
Median fairness-opinion fee: $2M (28 disclosures)
Share of the fee payable only on closing: median 90.0% (25 disclosures)
Industries: Healthcare & life sciences (14), Consumer & retail (8), Financial services (4)
Largest disclosed fee: $90M, advising the target company on Merus N.V. (2025) SC 14D9Oct 2025

The 8 most recent of 35 disclosed engagements; all of them are in every disclosed fee below.

Target	Advising	Deal value	Fee	% of value	Source
Weave Communications, Inc.acquired by Francisco Partners	target company	$762M	$15.9M	2.09%	DEFM14ASep 2026
Nathans Famous, Inc.	target company	$418M	$9.6M	2.30%	DEFM14ASep 2026
Safety Insurance Group Inc.acquired by Mapfre	target company	$1.51B	$17.5M	1.16%	DEFM14ASep 2026
Supernus Pharmaceuticals, Inc.acquired by Indivior	acquirer	—	$27.5M	—	DEFM14ASep 2026
Apogee Therapeutics, Inc.acquired by AbbVie	target company	$10B	$65M	0.65%	DEFM14AJul 2026
KalVista Pharmaceuticals, Inc.	target company	$1.08B	$29.7M	2.76%	SC 14D9May 2026
Centessa Pharmaceuticals plcacquired by Lilly	target company	—	$27.6M	—	DEFM14AMay 2026
Terns Pharmaceuticals, Inc.acquired by Merck	target company	$6.69B	$37M	0.55%	SC 14D9Apr 2026

Citi #

Citi disclosed 24 advisor fees in US merger proxies and tender-offer statements filed 2023–2026 (20 for the sell side, 4 for the acquirer), with a median fee of $20.5M; where deal value is known, the median was 1.42% of deal value across 13 deals, on a median deal of $1.74B.

Tier: Bulge bracket
Median fairness-opinion fee: $2.5M (19 disclosures)
Share of the fee payable only on closing: median 89.0% (18 disclosures)
Industries: Technology & telecom (6), Energy, mining & utilities (5), Real estate (4)
Largest disclosed fee: $73M, advising the target company on Mr. Cooper Group Inc. (2025) DEFM14AJul 2025

The 8 most recent of 24 disclosed engagements; all of them are in every disclosed fee below.

Target	Advising	Deal value	Fee	% of value	Source
Novagold Resources Inc.	target company	—	$11.5M	—	DEFM14AOct 2026
Atkore Inc.acquired by Prysmian	target company	$2.6B	$38M	1.46%	DEFM14ASep 2026
Huntsman CORPacquired by Olin	target company	—	$21M	—	DEFM14AJul 2026
Green Dot Corp	target company	—	$13M	—	DEFM14AMay 2026
Thermon Group Holdings, Inc.acquired by Ceco	acquirer	$2.1B	$17.5M	0.83%	DEFM14AApr 2026
Jamf Holding Corp.acquired by Francisco Partners	target company	$1.74B	$32M	1.84%	DEFM14ADec 2025
STAAR Surgical Companyacquired by Alcon	target's board	$1.39B	$30.6M	2.21%	DEFM14ASep 2025
Aris Water Solutions, Inc.acquired by Wes	target company	—	$20M	—	DEFM14ASep 2025

Evercore #

Evercore disclosed 23 advisor fees in US merger proxies and tender-offer statements filed 2023–2026 (17 for the sell side, 6 for the acquirer), with a median fee of $20M; where deal value is known, the median was 1.55% of deal value across 16 deals, on a median deal of $2B.

Tier: Elite boutique
Median fairness-opinion fee: $2M (17 disclosures)
Share of the fee payable only on closing: median 93.0% (21 disclosures)
Industries: Industrials & business services (6), Technology & telecom (4), Energy, mining & utilities (4)
Largest disclosed fee: $94M, advising the target company on Cidara Therapeutics, Inc. (2025) SC 14D9Dec 2025

The 8 most recent of 23 disclosed engagements; all of them are in every disclosed fee below.

Target	Advising	Deal value	Fee	% of value	Source
Varex Imaging Corpacquired by Teledyne	target company	$695M	$36.4M	5.24%	DEFM14ASep 2026
Trico Bancshares /acquired by First Hawaiian	acquirer	—	$19M	—	DEFM14ASep 2026
Apellis Pharmaceuticals, Inc.acquired by Biogen	target company	$3.96B	$76M	1.92%	SC 14D9Apr 2026
Calavo Growers, Inc.acquired by Mission Produce	acquirer	$486M	$6.5M	1.34%	DEFM14AMar 2026
Civitas Resources, Inc.acquired by SM Energy	acquirer	—	$20M	—	DEFM14ADec 2025
Warner Bros. Discovery, Inc.acquired by Netflix	target company	$74.3B	$55M	0.07%	SC 14D9Dec 2025
Cidara Therapeutics, Inc.acquired by Merck	target company	$6.96B	$94M	1.35%	SC 14D9Dec 2025
Hanesbrands Inc.acquired by Gildan	target company	—	$4.5M	—	DEFM14AOct 2025

Leerink Partners #

Leerink Partners disclosed 22 advisor fees in US merger proxies and tender-offer statements filed 2023–2026 (21 for the sell side, 1 for the acquirer), with a median fee of $3M; where deal value is known, the median was 2.62% of deal value across 16 deals, on a median deal of $123M.

Tier: Not on a tier list
Median fairness-opinion fee: $1M (21 disclosures)
Share of the fee payable only on closing: median 66.7% (17 disclosures)
Industries: Healthcare & life sciences (22)
Largest disclosed fee: $60.8M, advising the target company on Crinetics Pharmaceuticals, Inc. (2026) DEFM14AJul 2026

The 8 most recent of 22 disclosed engagements; all of them are in every disclosed fee below.

Target	Advising	Deal value	Fee	% of value	Source
Crinetics Pharmaceuticals, Inc.	target company	$9.02B	$60.8M	0.67%	DEFM14AJul 2026
XOMA Royalty Corp	target company	$489M	$18.4M	3.76%	DEFM14AJun 2026
Repare Therapeutics Inc.	target company	—	$4M	—	DEFM14ADec 2025
scPharmaceuticals Inc.	target company	$285M	$8.8M	3.09%	SC 14D9Sep 2025
Tourmaline Bio, Inc.acquired by Novartis	target company	$1.23B	$30.8M	2.50%	SC 14D9Sep 2025
scPharmaceuticals Inc.	target's board	$285M	$8.8M	3.09%	SC 14D9Sep 2025
LAVA Therapeutics NVacquired by Xoma	target company	—	$3M	—	DEFM14ASep 2025
HilleVax, Inc.	target company	$97.8M	$3M	3.07%	SC 14D9Aug 2025

Houlihan Lokey #

Houlihan Lokey disclosed 21 advisor fees in US merger proxies and tender-offer statements filed 2023–2026 (21 for the sell side, 0 for the acquirer), with a median fee of $2.2M; where deal value is known, the median was 1.61% of deal value across 11 deals, on a median deal of $191M.

Tier: Middle market
Median fairness-opinion fee: $875K (14 disclosures)
Share of the fee payable only on closing: median 79.1% (8 disclosures)
Industries: Industrials & business services (5), Financial services (4), Consumer & retail (4)
Largest disclosed fee: $15M, advising the target company on Vital Energy, Inc. (2025) DEFM14ANov 2025

The 8 most recent of 21 disclosed engagements; all of them are in every disclosed fee below.

Target	Advising	Deal value	Fee	% of value	Source
Liveperson Inc.acquired by SoundHound	target company	—	$1.5M	—	DEFM14AJul 2026
Forian Inc.	special committee	$65.5M	$2.5M	3.81%	SC 14D9Apr 2026
Monroe Capital Corporation	special committee	—	$1.75M	—	DEFM14AJan 2026
Vital Energy, Inc.acquired by Crescent	target company	—	$15M	—	DEFM14ANov 2025
Bgsf, Inc.acquired by A&M Capital Advisors	target company	—	$2.2M	—	DEFM14AJul 2025
Servotronics Inc /DE/	target company	$98.4M	$8.5M	8.64%	SC 14D9Jun 2025
Intevac, Inc.acquired by Seagate Technology	target company	—	$2.4M	—	SC 14D9Mar 2025
Lionsgate Studios Corp.	special committee	—	$1M	—	DEFM14AMar 2025

TD Cowen #

TD Cowen disclosed 18 advisor fees in US merger proxies and tender-offer statements filed 2023–2026 (15 for the sell side, 3 for the acquirer), with a median fee of $3.25M; where deal value is known, the median was 3.82% of deal value across 8 deals, on a median deal of $100M.

Tier: Middle market
Median fairness-opinion fee: $1M (5 disclosures)
Share of the fee payable only on closing: median 83.0% (17 disclosures)
Industries: Healthcare & life sciences (10), Energy, mining & utilities (3), Industrials & business services (2)
Largest disclosed fee: $15M, advising the target company on Personalis (2026) DEFM14AOct 2026

The 8 most recent of 18 disclosed engagements; all of them are in every disclosed fee below.

Target	Advising	Deal value	Fee	% of value	Source
Personalisacquired by Tempus AI	target company	—	$15M	—	DEFM14AOct 2026
KORE Group Holdings, Inc.acquired by Searchlight	acquirer	$700M	$6M	—	DEFM14AJun 2026
Allbirds, Inc.acquired by American Exchange Group	target company	$39M	$2M	5.13%	DEFM14AMay 2026
Kezar Life Sciences, Inc.	target company	$51.3M	$2.5M	4.88%	SC 14D9Apr 2026
Generation Bio Co.	target company	—	$1.6M	—	SC 14D9Jan 2026
Generation Bio Co.	target company	—	$1.6M	—	SC 14D9Jan 2026
Synchronoss Technologies, Inc.acquired by Lumine Group	target company	$104M	$4.7M	4.54%	DEFM14AJan 2026
Mersana Therapeutics, Inc.	target company	—	$3.5M	—	SC 14D9Dec 2025

Lazard #

Lazard disclosed 16 advisor fees in US merger proxies and tender-offer statements filed 2023–2026 (11 for the sell side, 5 for the acquirer), with a median fee of $20M; where deal value is known, the median was 1.60% of deal value across 8 deals, on a median deal of $826M.

Tier: Elite boutique
Median fairness-opinion fee: $2.5M (12 disclosures)
Share of the fee payable only on closing: median 88.7% (10 disclosures)
Industries: Healthcare & life sciences (7), Industrials & business services (3), Energy, mining & utilities (2)
Largest disclosed fee: $70M, advising the acquirer on Dominion Energy, Inc. (2026) DEFM14AJul 2026

The 8 most recent of 16 disclosed engagements; all of them are in every disclosed fee below.

Target	Advising	Deal value	Fee	% of value	Source
Theravance Biopharma, Inc.	target company	$883M	$23M	2.61%	DEFM14AAug 2026
Dominion Energy, Inc.acquired by NextEra Energy	acquirer	—	$70M	—	DEFM14AJul 2026
Huntsman CORPacquired by Olin	acquirer	—	$24M	—	DEFM14AJul 2026
SunOpta Inc.	target company	$769M	$17M	2.21%	DEFM14AMar 2026
Bridge Investment Group Holdings Inc.acquired by Apollo Global Management	special committee	—	$9M	—	DEFM14AMay 2025
Endo, Inc.acquired by Mallinckrodt plc	acquirer	$80.1M	$35M	—	DEFM14AMay 2025
Logility Supply Chain Solutions, Incacquired by Aptean	target company	$478M	$9.8M	2.05%	DEFM14AMar 2025
Berry Global Group, Inc.acquired by Amcor	target company	—	$43.5M	—	DEFM14AJan 2025

Wells Fargo Securities #

Wells Fargo Securities disclosed 15 advisor fees in US merger proxies and tender-offer statements filed 2023–2026 (11 for the sell side, 4 for the acquirer), with a median fee of $15.7M; where deal value is known, the median was 1.02% of deal value across 11 deals, on a median deal of $2.21B.

Tier: Not on a tier list
Median fairness-opinion fee: $3.5M (6 disclosures)
Share of the fee payable only on closing: median 84.6% (10 disclosures)
Industries: Industrials & business services (4), Real estate (3), Energy, mining & utilities (3)
Largest disclosed fee: $59M, advising the target company on Life Storage, Inc. (2023) DEFM14AJun 2023

The 8 most recent of 15 disclosed engagements; all of them are in every disclosed fee below.

Target	Advising	Deal value	Fee	% of value	Source
Greenbacker Renewable Energy	target company	$375M	$7M	1.87%	DEFM14AOct 2026
Select Medical Holdings Corpacquired by Wcas	acquirer	$2.05B	$11.5M	0.56%	DEFM14AMay 2026
Aes Corp	target company	$502M	$15M	2.99%	DEFM14AMay 2026
Talkspace, Inc.acquired by Uhs	target company	$710M	$15.7M	2.21%	DEFM14AApr 2026
Marine Products Corporationacquired by MasterCraft	acquirer	$85.6M	$4.25M	4.96%	DEFM14AApr 2026
Brighthouse Financial, Inc.acquired by Aquarian	target company	$4B	$41M	1.02%	DEFM14AJan 2026
Norfolk Southern Corporationacquired by Union Pacific	acquirer	$20B	$52.5M	0.26%	DEFM14AOct 2025
Chart Industries, Inc.acquired by Baker Hughes	target's board	$10.1B	$55.8M	0.55%	DEFM14ASep 2025

Guggenheim Securities #

Guggenheim Securities disclosed 13 advisor fees in US merger proxies and tender-offer statements filed 2023–2026 (10 for the sell side, 3 for the acquirer), with a median fee of $11.2M; where deal value is known, the median was 1.12% of deal value across 9 deals, on a median deal of $1.71B.

Tier: Elite boutique
Median fairness-opinion fee: $2.5M (3 disclosures)
Share of the fee payable only on closing: median 100% (6 disclosures)
Industries: Healthcare & life sciences (7), Energy, mining & utilities (3), Consumer & retail (2)
Largest disclosed fee: $45M, advising the target company on Patterson Companies, Inc. (2025) DEFM14AFeb 2025

The 8 most recent of 13 disclosed engagements; all of them are in every disclosed fee below.

Target	Advising	Deal value	Fee	% of value	Source
Soleno Therapeutics Inc.	target company	$4.44B	$33M	0.74%	SC 14D9Apr 2026
Berry Corpacquired by Crc	target company	—	$11M	—	DEFM14ANov 2025
Metsera, Inc.acquired by Pfizer	target company	$5.25B	$30M	0.57%	DEFM14AOct 2025
Verve Therapeutics, Inc.acquired by Eli Lilly and Company	target company	$267M	$11.2M	4.19%	SC 14D9Jun 2025
ACELYRIN, Inc.acquired by Alumis Inc.	target company	$101M	$5.5M	5.46%	DEFM14AApr 2025
Patterson Companies, Inc.	target company	$3.01B	$45M	1.50%	DEFM14AFeb 2025
G1 Therapeutics, Inc.	target company	$259M	$2M	0.77%	SC 14D9Aug 2024
Diamond Offshore Drilling, Inc.acquired by Noble	target company	$2.2B	$11M	—	DEFM14AJul 2024

Piper Sandler #

Piper Sandler disclosed 13 advisor fees in US merger proxies and tender-offer statements filed 2023–2026 (10 for the sell side, 3 for the acquirer), with a median fee of $3M; where deal value is known, the median was 2.17% of deal value across 7 deals, on a median deal of $89.1M.

Tier: Middle market
Median fairness-opinion fee: $750K (10 disclosures)
Share of the fee payable only on closing: median 88.6% (10 disclosures)
Industries: Healthcare & life sciences (8), Real estate (3), Financial services (1)
Largest disclosed fee: $27.5M, advising the acquirer on Supernus Pharmaceuticals, Inc. (2026) DEFM14ASep 2026

The 8 most recent of 13 disclosed engagements; all of them are in every disclosed fee below.

Target	Advising	Deal value	Fee	% of value	Source
Cherry Hill Mortgage Investment Corpacquired by AG Mortgage Investment Trust	acquirer	$15.1M	$1.25M	—	DEFM14AOct 2026
Supernus Pharmaceuticals, Inc.acquired by Indivior	acquirer	—	$27.5M	—	DEFM14ASep 2026
Sotherly Hotels Inc.acquired by Kwhp	special committee	$46.1M	$1M	2.17%	DEFM14ADec 2025
Potbelly Corporationacquired by RaceTrac	target company	$409M	$6.9M	1.69%	SC 14D9Sep 2025
iCAD, Inc.acquired by RadNet, Inc.	target company	—	$3M	—	DEFM14AMay 2025
Evans Bancorp, Inc.acquired by NBT Bancorp	target company	—	$3.9M	—	DEFM14ANov 2024
Miromatrix Medical Inc.acquired by United Therapeutics Corporation	target company	$89.1M	$2.5M	2.81%	SC 14D9Nov 2023
Miromatrix Medical Inc.acquired by United Therapeutics Corporation	target company	$88.8M	$2.5M	2.82%	SC 14D9Nov 2023

PJT Partners #

PJT Partners disclosed 13 advisor fees in US merger proxies and tender-offer statements filed 2023–2026 (10 for the sell side, 3 for the acquirer), with a median fee of $26.2M; where deal value is known, the median was 0.80% of deal value across 8 deals, on a median deal of $6.51B.

Tier: Elite boutique
Median fairness-opinion fee: $5M (11 disclosures)
Share of the fee payable only on closing: median 91.2% (5 disclosures)
Industries: Financial services (5), Consumer & retail (4), Industrials & business services (2)
Largest disclosed fee: $75M, advising the acquirer on The Interpublic Group of Companies, Inc. (2025) DEFM14AJan 2025

The 8 most recent of 13 disclosed engagements; all of them are in every disclosed fee below.

Target	Advising	Deal value	Fee	% of value	Source
First Eagle Investmentsacquired by Victory Capital Holdings	acquirer	$7.03B	$52.5M	0.75%	DEFM14AOct 2026
DoubleVerify Holdings, Inc.acquired by Elliott	special committee	$2.05B	$23M	1.12%	DEFM14ASep 2026
Caesars Entertainment, Inc.acquired by Fei	target company	$6.32B	$35M	0.55%	DEFM14AAug 2026
Clearwater Analytics Holdings, Inc.	special committee	$7.89B	$42.2M	0.53%	DEFM14AApr 2026
Kenvue Inc.acquired by Kimberly-Clark	acquirer	$6.71B	$57M	0.85%	DEFM14ADec 2025
Core Scientific, Inc.acquired by CoreWeave	target company	—	$10M	—	DEFM14ASep 2025
Playa Hotels & Resorts N.V.acquired by Hyatt Hotels Corporation	target's board	—	$26.2M	—	SC 14D9Apr 2025
Playa Hotels & Resorts N.V.acquired by Hyatt Hotels Corporation	target's board	$1.66B	$26.2M	1.58%	DEFM14AMar 2025

Keefe, Bruyette & Woods #

Keefe, Bruyette & Woods disclosed 9 advisor fees in US merger proxies and tender-offer statements filed 2023–2026 (6 for the sell side, 3 for the acquirer), with a median fee of $4.5M; where deal value is known, the median was 1.21% of deal value across 4 deals, on a median deal of $832M.

Tier: Not on a tier list
Median fairness-opinion fee: $500K (9 disclosures)
Share of the fee payable only on closing: median 86.6% (8 disclosures)
Industries: Financial services (6), Other (3)
Largest disclosed fee: $13.5M, advising the target company on First Bancshares Inc. /ms/ (2024) DEFM14ASep 2024

The 8 most recent of 9 disclosed engagements; all of them are in every disclosed fee below.

Target	Advising	Deal value	Fee	% of value	Source
Bowhead Specialty Holdings Inc.acquired by American Family	acquirer	$1.12B	$7.13M	0.64%	DEFM14AOct 2026
Flushing Financial Corporationacquired by OceanFirst	acquirer	$543M	$7M	1.29%	DEFM14AFeb 2026
Southern States Bancshares, Inc.acquired by FB Financial Corporation	acquirer	—	$4.5M	—	DEFM14AMay 2025
Goldman Sachs Private Middle Market Credit LLC	target company	—	$1M	—	DEFM14ANov 2024
CrossFirst Bankshares, Inc.acquired by Busey	target company	—	$8.9M	—	DEFM14ANov 2024
Blue Owl Capital Corporation IIIacquired by Obdc	target company	—	$1.5M	—	DEFM14AOct 2024
First Bancshares Inc. /ms/acquired by Renasant	target company	$1.2B	$13.5M	1.13%	DEFM14ASep 2024
Codorus Valley Bancorp Inc.acquired by Orrstown Financial Services	target company	—	$2.75M	—	DEFM14AApr 2024

Kroll #

Kroll disclosed 9 advisor fees in US merger proxies and tender-offer statements filed 2023–2026 (7 for the sell side, 2 for the acquirer), with a median fee of $575K.

Tier: Middle market
Median fairness-opinion fee: $243K (6 disclosures)
Share of the fee payable only on closing: median 69.6% (3 disclosures)
Industries: Financial services (3), Industrials & business services (2), Consumer & retail (2)
Largest disclosed fee: $700K, advising the special committee on Fathom Digital Manufacturing Corp (2024) DEFM14AApr 2024

The 8 most recent of 9 disclosed engagements; all of them are in every disclosed fee below.

Target	Advising	Deal value	Fee	% of value	Source
Allbirds, Inc.acquired by American Exchange Group	special committee	$39M	$300K	0.77%	DEFM14AMay 2026
Bakkt, Inc.acquired by Dtr	special committee	—	$650K	—	DEFM14AFeb 2026
Emeren Group Ltd	special committee	—	$320K	—	DEFM14AOct 2025
Checkpoint Therapeutics, Inc.acquired by Sun Pharmaceutical Industries (LW Securities engaged)	special committee	$475M	$400K	0.08%	DEFM14AApr 2025
Lionsgate Studios Corp.	special committee	—	$650K	—	DEFM14AMar 2025
Blyvooracquired by Rigel Resource Acquisition Corp	acquirer	—	$575K	—	DEFM14AJan 2025
Fathom Digital Manufacturing Corpacquired by CORE Industrial Partners	special committee	—	$700K	—	DEFM14AApr 2024
Fathom Digital Manufacturing Corpacquired by CORE Industrial Partners	special committee	—	$30K	—	DEFM14AApr 2024

Perella Weinberg Partners #

Perella Weinberg Partners disclosed 9 advisor fees in US merger proxies and tender-offer statements filed 2023–2026 (9 for the sell side, 0 for the acquirer), with a median fee of $6M; where deal value is known, the median was 2.12% of deal value across 4 deals, on a median deal of $180M.

Tier: Elite boutique
Median fairness-opinion fee: $2M (6 disclosures)
Share of the fee payable only on closing: median 86.8% (8 disclosures)
Industries: Industrials & business services (5), Healthcare & life sciences (3), Energy, mining & utilities (1)
Largest disclosed fee: $36M, advising the target company on LCI Industries (2026) DEFM14AOct 2026

The 8 most recent of 9 disclosed engagements; all of them are in every disclosed fee below.

Target	Advising	Deal value	Fee	% of value	Source
LCI Industriesacquired by Patrick Industries	target company	—	$36M	—	DEFM14AOct 2026
Akoya Biosciences, Inc.acquired by Quanterix Corporation	target company	—	$3.5M	—	DEFM14AJun 2025
Akoya Biosciences, Inc.acquired by Quanterix Corporation	target company	$199M	$3.5M	1.76%	DEFM14AApr 2025
Arch Resources, Inc.acquired by Consol	target company	—	$31M	—	DEFM14ANov 2024
Alimera Sciences, Inc.	target company	$498M	$7M	1.41%	DEFM14AAug 2024
Eargo, Inc.	target company	$52.9M	$2M	3.78%	DEFM14AJan 2024
SomaLogic, Inc.acquired by Standard BioTools Inc.	target company	—	$6M	—	DEFM14ADec 2023
Eneti Inc.acquired by Cadeler A/S	target company	—	$15M	—	SC 14D9Nov 2023

Truist Securities #

Truist Securities disclosed 8 advisor fees in US merger proxies and tender-offer statements filed 2023–2026 (8 for the sell side, 0 for the acquirer), with a median fee of $7.7M; where deal value is known, the median was 1.75% of deal value across 5 deals, on a median deal of $715M.

Tier: Middle market
Median fairness-opinion fee: $1M (5 disclosures)
Share of the fee payable only on closing: median 84.8% (6 disclosures)
Industries: Real estate (2), Healthcare & life sciences (2), Industrials & business services (2)
Largest disclosed fee: $23.7M, advising the target company on Performant Healthcare, Inc. (2025) DEFM14ASep 2025

Every disclosed engagement:

Target	Advising	Deal value	Fee	% of value	Source
Sanara MedTech Inc.acquired by MiMedx	target company	$4.82B	$6.1M	0.13%	DEFM14ASep 2026
Modiv Industrial, Inc.acquired by Gnl	target company	—	$2.25M	—	DEFM14AJun 2026
Marine Products Corporationacquired by MasterCraft	target company	$85.6M	$5.5M	6.42%	DEFM14AApr 2026
DENNY'S Corp	target company	$640M	$9.3M	1.45%	DEFM14ADec 2025
Performant Healthcare, Inc.acquired by Continental	target company	$715M	$23.7M	3.31%	DEFM14ASep 2025
Goldman Sachs Middle Market Lending Corp. II	special committee	—	$2.5M	—	DEFM14AAug 2025
Atrion Corporationacquired by Nordson	target company	$815M	$14.3M	1.75%	DEFM14AJul 2024
The Necessity Retail REIT, Inc.acquired by Global Net Lease, Inc.	special committee	—	$11M	—	DEFM14AJul 2023

Newbridge #

Newbridge disclosed 7 advisor fees in US merger proxies and tender-offer statements filed 2023–2026 (5 for the sell side, 2 for the acquirer), with a median fee of $75K.

Tier: Not on a tier list
Median fairness-opinion fee: $45K (7 disclosures)
Share of the fee payable only on closing: median 33.3% (4 disclosures)
Industries: Financial services (5), Industrials & business services (1), Consumer & retail (1)
Largest disclosed fee: $150K, advising the target's board on Alphatime Acquisition Corp (2025) DEFM14ANov 2025

Every disclosed engagement:

Target	Advising	Deal value	Fee	% of value	Source
Willow Lane Acquisition Corp.	target company	—	$100K	—	DEFM14AApr 2026
Alphatime Acquisition Corp	target's board	$75M	$150K	—	DEFM14ANov 2025
Yerbae Brands Corp.acquired by Safety Shot, Inc.	Other parties	—	$50K	—	DEFM14AMay 2025
Safety Shot, Inc.acquired by Yerbae Brands Corp.	target's board	—	$50K	—	DEFM14AMay 2025
Aimfinity Investment Corp. Iacquired by Docter	target's board	$60M	$75K	—	DEFM14AMar 2025
Zoozacquired by Keyarch Acquisition Corp	acquirer	$60M	$90K	—	DEFM14AMar 2024
Filament Health Corp.acquired by Jupiter Acquisition Corporation	acquirer	$176M	$75K	—	DEFM14ANov 2023

Raymond James #

Raymond James disclosed 7 advisor fees in US merger proxies and tender-offer statements filed 2023–2026 (4 for the sell side, 3 for the acquirer), with a median fee of $2.25M; where deal value is known, the median was 1.26% of deal value across 3 deals, on a median deal of $124M.

Tier: Middle market
Median fairness-opinion fee: $350K (4 disclosures)
Share of the fee payable only on closing: median 94.4% (6 disclosures)
Industries: Financial services (3), Industrials & business services (2), Technology & telecom (2)
Largest disclosed fee: $12M, advising the target company on Paya Holdings Inc. (2023) SC 14D9Jan 2023

Every disclosed engagement:

Target	Advising	Deal value	Fee	% of value	Source
CrossFirst Bankshares, Inc.acquired by Busey	acquirer	—	$6.75M	—	DEFM14ANov 2024
HMN Financial, Inc.acquired by Alerus	acquirer	$124M	$1.45M	1.17%	DEFM14AAug 2024
Codorus Valley Bancorp Inc.acquired by Orrstown Financial Services	acquirer	—	$1.8M	—	DEFM14AApr 2024
PFSweb, Inc.	target company	$159M	$2M	1.26%	SC 14D9Sep 2023
Computer Task Group, Incorporatedacquired by Cegeka	target company	$96.3M	$4.8M	4.99%	SC 14D9Aug 2023
Limeade, Inc.acquired by WebMD	target company	—	$2.25M	—	DEFM14AJul 2023
Paya Holdings Inc.acquired by Nuvei	target company	—	$12M	—	SC 14D9Jan 2023

Allen & Company #

Allen & Company disclosed 6 advisor fees in US merger proxies and tender-offer statements filed 2023–2026 (5 for the sell side, 1 for the acquirer), with a median fee of $37.5M.

Tier: Not on a tier list
Median fairness-opinion fee: $7.75M (4 disclosures)
Share of the fee payable only on closing: median 85.4% (6 disclosures)
Industries: Technology & telecom (5), Healthcare & life sciences (1)
Largest disclosed fee: $100M, advising the target company on Warner Bros. Discovery, Inc. (2026) DEFM14AMar 2026

Every disclosed engagement:

Target	Advising	Deal value	Fee	% of value	Source
Roku, Inc.acquired by Fox	acquirer	—	$55M	—	DEFM14ASep 2026
Warner Bros. Discovery, Inc.acquired by Paramount Skydance	target company	$68.8B	$100M	0.15%	DEFM14AMar 2026
Eventbrite, Inc.acquired by Bending Spoons S.p.A.	target company	—	$20M	—	DEFM14AJan 2026
Warner Bros. Discovery, Inc.acquired by Netflix	target company	$74.3B	$85M	0.11%	SC 14D9Dec 2025
Shutterstock, Inc.acquired by Getty Images Holdings, Inc.	target company	—	$20M	—	DEFM14AApr 2025
Recursion Pharmaceuticals, Inc.	target company	—	$14M	—	DEFM14AOct 2024

Moelis & Company #

Moelis & Company disclosed 6 advisor fees in US merger proxies and tender-offer statements filed 2023–2026 (6 for the sell side, 0 for the acquirer), with a median fee of $19.5M; where deal value is known, the median was 2.06% of deal value across 3 deals, on a median deal of $1.52B.

Tier: Elite boutique
Median fairness-opinion fee: $3M (3 disclosures)
Industries: Industrials & business services (4), Energy, mining & utilities (1), Real estate (1)
Largest disclosed fee: $45M, advising the special committee on Vista Outdoor Inc. (2024) DEFM14AOct 2024

Every disclosed engagement:

Target	Advising	Deal value	Fee	% of value	Source
Kennedy-Wilson Holdings, Inc.acquired by Fairfax Financial Holdings Limited	special committee	$1.52B	$33M	2.17%	DEFM14AMay 2026
Clear Channel Outdoor Holdings, Inc.acquired by Mubadala Capital	target company	$1.21B	$25M	2.06%	DEFM14AApr 2026
Spirit AeroSystems Holdings, Inc.acquired by Boeing	target company	—	$5M	—	DEFM14ADec 2024
Vista Outdoor Inc.	special committee	$3.35B	$45M	—	DEFM14AOct 2024
Avangrid, Inc.acquired by Iberdrola	special committee	$13.3B	$14M	0.11%	DEFM14AAug 2024
Vista Outdoor Inc.acquired by CSG (Czechoslovak Group)	Other parties	$1.91M	$3.5M	—	DEFM14AApr 2024

BMO #

BMO disclosed 5 advisor fees in US merger proxies and tender-offer statements filed 2023–2026 (4 for the sell side, 1 for the acquirer), with a median fee of $17.2M.

Tier: Not on a tier list
Median fairness-opinion fee: $3M (3 disclosures)
Share of the fee payable only on closing: median 76.2% (3 disclosures)
Industries: Real estate (2), Energy, mining & utilities (2), Consumer & retail (1)
Largest disclosed fee: $30M, advising the special committee on The Necessity Retail REIT, Inc. (2023) DEFM14AJul 2023

Every disclosed engagement:

Target	Advising	Deal value	Fee	% of value	Source
Centerspaceacquired by Independence Realty Trust	target company	—	$17.2M	—	DEFM14AOct 2026
Coeur Mining, Inc.acquired by New Gold	target company	—	$21M	—	DEFM14ADec 2025
SilverCrest Metalsacquired by Coeur Mining, Inc.	acquirer	—	$10M	—	DEFM14ADec 2024
Primo Water Corporationacquired by BlueTriton	target company	—	$6.5M	—	DEFM14AOct 2024
The Necessity Retail REIT, Inc.acquired by Global Net Lease, Inc.	special committee	—	$30M	—	DEFM14AJul 2023

Rothschild #

Rothschild & Co disclosed 5 advisor fees in US merger proxies and tender-offer statements filed 2023–2026 (3 for the sell side, 2 for the acquirer), with a median fee of $14.3M.

Tier: Elite boutique
Median fairness-opinion fee: $2.75M (4 disclosures)
Share of the fee payable only on closing: median 80.0% (3 disclosures)
Industries: Technology & telecom (2), Industrials & business services (2), Real estate (1)
Largest disclosed fee: $46M, advising the special committee on Global Business Travel Group, Inc. (2026) DEFM14AJul 2026

Every disclosed engagement:

Target	Advising	Deal value	Fee	% of value	Source
Centerspaceacquired by Independence Realty Trust	acquirer	—	$7.5M	—	DEFM14AOct 2026
Global Business Travel Group, Inc.	special committee	$4.95B	$46M	0.93%	DEFM14AJul 2026
KORE Group Holdings, Inc.acquired by Searchlight	special committee	$700M	$5M	—	DEFM14AJun 2026
American Woodmark Corporationacquired by MasterBrand	acquirer	—	$15M	—	DEFM14ASep 2025
Consolidated Communications Holdings, Inc.acquired by Searchlight Capital Partners (SL Investor)	special committee	$547M	$14.3M	2.61%	DEFM14ADec 2023

William Blair #

William Blair disclosed 5 advisor fees in US merger proxies and tender-offer statements filed 2023–2026 (5 for the sell side, 0 for the acquirer), with a median fee of $1M; where deal value is known, the median was 0.62% of deal value across 3 deals, on a median deal of $162M.

Tier: Middle market
Median fairness-opinion fee: $1M (5 disclosures)
Industries: Healthcare & life sciences (3), Industrials & business services (2)
Largest disclosed fee: $3.5M, advising the target company on Science 37 Holdings, Inc. (2024) SC 14D9Feb 2024

Every disclosed engagement:

Target	Advising	Deal value	Fee	% of value	Source
ARC Document Solutions, Inc.	special committee	$162M	$1M	0.62%	DEFM14AOct 2024
Science 37 Holdings, Inc.	target company	—	$3.5M	—	SC 14D9Mar 2024
Science 37 Holdings, Inc.	target company	$746M	$3.5M	0.47%	SC 14D9Feb 2024
Acer Therapeutics Inc.acquired by Zevra Therapeutics, Inc.	target company	—	$1M	—	DEFM14AOct 2023
PhenomeX Inc.acquired by Bruker Corporation	target company	$99.3M	$1M	1.01%	SC 14D9Aug 2023

A named firm’s figures are what it was paid on the specific engagements disclosed in these filings. They are not the firm’s rate card, the firm may charge differently on other work, and inclusion here does not imply any endorsement by or affiliation with the firm.

Every disclosed fee

Hover over a fee to see the sentence it comes from. The line under each advisor shows which side of the deal it advised.

797 rows

Target	Advisor	Deal value	Total fee	Opinion fee	Source
Distribution Solutions Group	William Blairadvising the target	—	—	$2M	DEFM14AOct 2026
Mistras Group	Robert W. Bairdadvising the target	—	$13M	—	DEFM14AOct 2026
Blockfusionacquired by Blue Acquisition Corp	INGadvising the target	$450Mstated	$2.25M	—	DEFM14AOct 2026
Personalisacquired by Tempus AI	Centerview Partnersadvising the target	—	$29.4M	$1M	DEFM14AOct 2026
Personalisacquired by Tempus AI	TD Cowenadvising the target	—	$15M	—	DEFM14AOct 2026
Personalisacquired by Tempus AI	Morgan Stanleyadvising the acquirer	—	$15M	$3M	DEFM14AOct 2026
SoundThinking	Tidaladvising the target	—	$4.7M	$2M	SC 14D9Oct 2026
Greenbacker Renewable Energy	Wells Fargo Securitiesadvising the target	$375Mstated	$7M	$1.75M	DEFM14AOct 2026
LCI Industriesacquired by Patrick Industries	J.P. Morganadvising the acquirer	—	$20M	$5M	DEFM14AOct 2026
LCI Industriesacquired by Patrick Industries	Robert W. Bairdadvising the acquirer	—	$12.5M	—	DEFM14AOct 2026
LCI Industriesacquired by Patrick Industries	Perella Weinberg Partnersadvising the target	—	$36M	$5M	DEFM14AOct 2026
First Eagle Investmentsacquired by Victory Capital Holdings	PJT Partnersadvising the acquirer	$7.03Bstated	$52.5M	$5M	DEFM14AOct 2026
Bowhead Specialty Holdings Inc.acquired by American Family	Ardeaadvising the target	$1.12Bcomputed	$9.5M	—	DEFM14AOct 2026
Bowhead Specialty Holdings Inc.acquired by American Family	Keefe, Bruyette & Woodsadvising the acquirer	$1.12Bcomputed	$7.13M	$1.5M	DEFM14AOct 2026
Cherry Hill Mortgage Investment Corpacquired by AG Mortgage Investment Trust	BTIGadvising the target	$15.1Mcomputed	$2.5M	$500K	DEFM14AOct 2026
Cherry Hill Mortgage Investment Corpacquired by AG Mortgage Investment Trust	Piper Sandleradvising the acquirer	$15.1Mcomputed	$1.25M	—	DEFM14AOct 2026
Centerspaceacquired by Independence Realty Trust	BMOadvising the target	—	$17.2M	$2.5M	DEFM14AOct 2026
Centerspaceacquired by Independence Realty Trust	RBC Capital Marketsadvising the acquirer	—	$12M	$1.5M	DEFM14AOct 2026
Centerspaceacquired by Independence Realty Trust	Rothschildadvising the acquirer	—	$7.5M	—	DEFM14AOct 2026
Everliacquired by Melar Acquisition Corp. I	Cohenadvising the acquirer	$180Mstated	$1.5M	—	DEFM14AOct 2026
Novagold Resources Inc.	Citiadvising the target	—	$11.5M	$1.25M	DEFM14AOct 2026
Bowman Consulting Group Ltd.acquired by Bernhard	BofA Securitiesadvising the target	$573Mcomputed	$14.8M	$2M	DEFM14AOct 2026
DoubleVerify Holdings, Inc.acquired by Elliott	PJT Partnersadvising the special_committee	$2.05Bcomputed	$23M	$2M	DEFM14ASep 2026
Weave Communications, Inc.acquired by Francisco Partners	Jefferiesadvising the target	$762Mcomputed	$15.9M	$2M	DEFM14ASep 2026
Nathans Famous, Inc.	Jefferiesadvising the target	$418Mcomputed	$9.6M	$1M	DEFM14ASep 2026
Varex Imaging Corpacquired by Teledyne	Evercoreadvising the target	$695Mcomputed	$36.4M	$2M	DEFM14ASep 2026
CBIZ, Inc.acquired by Grant Thornton	Goldman Sachsadvising the target	$2.98Bcomputed	$53M	—	DEFM14ASep 2026
LXP Industrial Trust	BofA Securitiesadvising the target	$3.61Bcomputed	$13M	$2.5M	DEFM14ASep 2026
Sunrise Realty Trust, Inc.	Oppenheimeradvising the target	$676Kcomputed	$750K	$500K	DEFM14ASep 2026
Marketaxess Holdings Inc.	J.P. Morganadvising the target	$5.88Bcomputed	$65.5M	$3M	DEFM14ASep 2026
Luxfer Holdings PLC	Deutsche Bankadvising the target	$465Mcomputed	$8M	$1M	DEFM14ASep 2026
ACV Auctions Inc.acquired by Copart	J.P. Morganadvising the target	$1.78Bcomputed	$26M	$4M	SC 14D9Sep 2026
Trico Bancshares /acquired by First Hawaiian	Evercoreadvising the acquirer	—	$19M	$3M	DEFM14ASep 2026
Trico Bancshares /acquired by First Hawaiian	Keefe, Bruyette & Woodsadvising the target	—	—	$2M	DEFM14ASep 2026
Gran Tierra Energy Inc.acquired by Maurel & Prom	BofA Securitiesadvising the target	—	$10M	$2M	DEFM14ASep 2026
Safety Insurance Group Inc.acquired by Mapfre	Jefferiesadvising the target	$1.51Bcomputed	$17.5M	$2.5M	DEFM14ASep 2026
Integer Holdings Corpacquired by Kkr	Goldman Sachsadvising the target	$4.32Bcomputed	$85.7M	—	DEFM14ASep 2026
Supernus Pharmaceuticals, Inc.acquired by Indivior	Jefferiesadvising the acquirer	—	$27.5M	—	DEFM14ASep 2026
Supernus Pharmaceuticals, Inc.acquired by Indivior	Piper Sandleradvising the acquirer	—	$27.5M	$1.5M	DEFM14ASep 2026
Supernus Pharmaceuticals, Inc.acquired by Indivior	Cantor Fitzgeraldadvising the target	—	$30M	$2M	DEFM14ASep 2026
Atkore Inc.acquired by Prysmian	Citiadvising the target	$2.6Bcomputed	$38M	$2.5M	DEFM14ASep 2026
Atkore Inc.acquired by Prysmian	J.P. Morganadvising the target	$2.6Bcomputed	$21.5M	$3M	DEFM14ASep 2026
Lantheus Holdings, Inc.acquired by CapVest	Morgan Stanleyadvising the target	$6.69Bcomputed	$81M	$10.5M	DEFM14ASep 2026
Sanara MedTech Inc.acquired by MiMedx	Truist Securitiesadvising the target	$4.82Bcomputed	$6.1M	—	DEFM14ASep 2026
Biolife Solutions Inc.acquired by Repligen	Centerview Partnersadvising the target	$1.58Bstated	$25M	$1M	DEFM14ASep 2026
Roku, Inc.acquired by Fox	Allen & Companyadvising the acquirer	—	$55M	$5.5M	DEFM14ASep 2026
Caesars Entertainment, Inc.acquired by Fei	PJT Partnersadvising the target	$6.32Bcomputed	$35M	$5M	DEFM14AAug 2026
LogicMark, Inc.	Roth Capital Partnersadvising the target	$1.18Mcomputed	$210K	—	DEFM14AAug 2026
Theravance Biopharma, Inc.	Lazardadvising the target	$883Mcomputed	$23M	$2M	DEFM14AAug 2026
BIO-TECHNE Corp	Goldman Sachsadvising the target	$11.3Bstated	$106M	—	DEFM14AAug 2026
First Real Estate Investment Trust Of New Jersey, Inc.	JLLadvising the target	—	$400K	$400K	DEFM14AAug 2026
AstroNova, Inc.acquired by Arcline	Rockefelleradvising the target	$225Mcomputed	$4.2M	$1M	DEFM14AJul 2026
Crinetics Pharmaceuticals, Inc.	J.P. Morganadvising the target	$9.02Bcomputed	$69.4M	$2M	DEFM14AJul 2026
Crinetics Pharmaceuticals, Inc.	Leerink Partnersadvising the target	$9.02Bcomputed	$60.8M	$2M	DEFM14AJul 2026
Dominion Energy, Inc.acquired by NextEra Energy	Goldman Sachsadvising the target	—	$47M	$5M	DEFM14AJul 2026
Dominion Energy, Inc.acquired by NextEra Energy	Lazardadvising the acquirer	—	$70M	$5M	DEFM14AJul 2026
Dominion Energy, Inc.acquired by NextEra Energy	BofA Securitiesadvising the acquirer	—	$30M	$5M	DEFM14AJul 2026
Dominion Energy, Inc.acquired by NextEra Energy	J.P. Morganadvising the target	—	$78M	—	DEFM14AJul 2026
Simulations Plus, Inc.	Morgan Stanleyadvising the target	$375Mstated	$11M	$2M	DEFM14AJul 2026
Avalonbay Communities Inc.acquired by Equity Residential	Morgan Stanleyadvising the acquirer	$24.7Bstated	$50M	$5M	DEFM14AJul 2026
Avalonbay Communities Inc.acquired by Equity Residential	Goldman Sachsadvising the target	$24.7Bstated	$65M	$3M	DEFM14AJul 2026
Huntsman CORPacquired by Olin	Lazardadvising the acquirer	—	$24M	$5M	DEFM14AJul 2026
Huntsman CORPacquired by Olin	Citiadvising the target	—	$21M	$2M	DEFM14AJul 2026
Huntsman CORPacquired by Olin	Morgan Stanleyadvising the target	—	$9M	$2M	DEFM14AJul 2026
Apogee Therapeutics, Inc.acquired by AbbVie	Goldman Sachsadvising the target	$10Bstated	$65M	—	DEFM14AJul 2026
Apogee Therapeutics, Inc.acquired by AbbVie	Jefferiesadvising the target	$10Bstated	$65M	$2M	DEFM14AJul 2026
Liveperson Inc.acquired by SoundHound	Houlihan Lokeyadvising the target	—	$1.5M	—	DEFM14AJul 2026
Global Business Travel Group, Inc.	Rothschildadvising the special_committee	$4.95Bcomputed	$46M	$4M	DEFM14AJul 2026
Texas Mineral Resources Corp.acquired by Usar	Roth Capital Partnersadvising the target	—	—	$350K	DEFM14AJun 2026
Open Lending Corpacquired by Anv	FTadvising the target	$236Mcomputed	$8.7M	$1M	SC 14D9Jun 2026
Nuvalent, Inc.	Centerview Partnersadvising the target	$10.6Bstated	$100M	$2M	SC 14D9Jun 2026
Modiv Industrial, Inc.acquired by Gnl	Truist Securitiesadvising the target	—	$2.25M	$750K	DEFM14AJun 2026
Corebridge Financial, Inc.acquired by Equitable Holdings, Inc.	Morgan Stanleyadvising the target	—	$60M	$5M	DEFM14AJun 2026
Corebridge Financial, Inc.acquired by Equitable Holdings, Inc.	Goldman Sachsadvising the acquirer	—	$50M	—	DEFM14AJun 2026
Equitable Holdings, Inc.acquired by Corebridge Financial, Inc.	Goldman Sachsadvising the target	—	$50M	—	DEFM14AJun 2026
Equitable Holdings, Inc.acquired by Corebridge Financial, Inc.	Morgan Stanleyadvising the acquirer	—	$60M	$5M	DEFM14AJun 2026
Organon & Co.acquired by Sun Pharma	Morgan Stanleyadvising the target	$3.68Bcomputed	$39.4M	$4M	DEFM14AJun 2026
Cross Country Healthcare Inc.	BofA Securitiesadvising the target	$428Mcomputed	$6.12M	$2M	DEFM14AJun 2026
National Storage Affiliates Trustacquired by Public Storage	Morgan Stanleyadvising the target	—	$58.8M	$5M	DEFM14AJun 2026
KORE Group Holdings, Inc.acquired by Searchlight	Rothschildadvising the special_committee	$700Mstated	$5M	$1.5M	DEFM14AJun 2026
KORE Group Holdings, Inc.acquired by Searchlight	TD Cowenadvising the acquirer	$700Mstated	$6M	—	DEFM14AJun 2026
XOMA Royalty Corp	Leerink Partnersadvising the target	$489Mcomputed	$18.4M	$1M	DEFM14AJun 2026
Avanos Medical, Inc.acquired by Aip	J.P. Morganadvising the target	$4.13Mcomputed	$20M	—	DEFM14AJun 2026
Catalyst Pharmaceuticals, Inc.	J.P. Morganadvising the target	$3.86Bcomputed	$61M	$3.5M	DEFM14AJun 2026
Esperion Therapeutics, Inc.	Centerview Partnersadvising the target	$703Mcomputed	$37.5M	$1.5M	DEFM14AJun 2026
TruBridge, Inc.acquired by Iks	Solomonadvising the target	$450Mcomputed	—	$2.5M	DEFM14AJun 2026
TopBuild Corpacquired by Qxo	Goldman Sachsadvising the target	$6.4Bcomputed	$70M	—	DEFM14AMay 2026
TopBuild Corpacquired by Qxo	RBCCMadvising the target	$6.4Bcomputed	$60M	—	DEFM14AMay 2026
NCR Atleos Corpacquired by Brink's	J.P. Morganadvising the target	$2.21Bcomputed	$43M	$4M	DEFM14AMay 2026
Sila Realty Trust, Inc.acquired by Blue Owl	BofA Securitiesadvising the target	$1.57Bcomputed	$24.9M	$2.5M	DEFM14AMay 2026
Select Medical Holdings Corpacquired by Wcas	Goldman Sachsadvising the special_committee	$2.05Bcomputed	$11M	—	DEFM14AMay 2026
Select Medical Holdings Corpacquired by Wcas	Wells Fargo Securitiesadvising the acquirer	$2.05Bcomputed	$11.5M	—	DEFM14AMay 2026
Select Medical Holdings Corpacquired by Wcas	J.P. Morganadvising the acquirer	$2.05Bcomputed	$10M	—	DEFM14AMay 2026
Whitestone REIT	JLLadvising the target	$781Mcomputed	$6.25M	—	DEFM14AMay 2026
Whitestone REIT	BofA Securitiesadvising the target	$781Mcomputed	$17.5M	$2M	DEFM14AMay 2026
Aes Corp	J.P. Morganadvising the target	$502Mcomputed	$75M	$4M	DEFM14AMay 2026
Aes Corp	Wells Fargo Securitiesadvising the target	$502Mcomputed	$15M	$4M	DEFM14AMay 2026
M3-Brigade Acquisition V Corp.acquired by ReserveOne	Lincolnadvising the special_committee	—	$550K	—	DEFM14AMay 2026
KalVista Pharmaceuticals, Inc.	Centerview Partnersadvising the target	$1.08Bcomputed	$44M	$2M	SC 14D9May 2026
KalVista Pharmaceuticals, Inc.	Jefferiesadvising the target	$1.08Bcomputed	$29.7M	$1.5M	SC 14D9May 2026
Unifirst Corpacquired by Cintas	J.P. Morganadvising the target	$5.46Bcomputed	$42M	$5M	DEFM14AMay 2026
Unifirst Corpacquired by Cintas	Goldman Sachsadvising the target	$5.46Bcomputed	$42M	$5M	DEFM14AMay 2026
Green Dot Corp	Citiadvising the target	—	$13M	$3M	DEFM14AMay 2026
Allbirds, Inc.acquired by American Exchange Group	TD Cowenadvising the target	$39Mstated	$2M	—	DEFM14AMay 2026
Allbirds, Inc.acquired by American Exchange Group	Krolladvising the special_committee	$39Mstated	$300K	—	DEFM14AMay 2026
Centessa Pharmaceuticals plcacquired by Lilly	Centerview Partnersadvising the target	—	$66M	$1.25M	DEFM14AMay 2026
Centessa Pharmaceuticals plcacquired by Lilly	Jefferiesadvising the target	—	$27.6M	$1.25M	DEFM14AMay 2026
Kennedy-Wilson Holdings, Inc.acquired by Fairfax Financial Holdings Limited	Moelis & Companyadvising the special_committee	$1.52Bcomputed	$33M	$2.5M	DEFM14AMay 2026
Thermon Group Holdings, Inc.acquired by Ceco	Citiadvising the acquirer	$2.1Bcomputed	$17.5M	$3M	DEFM14AApr 2026
Thermon Group Holdings, Inc.acquired by Ceco	Morgan Stanleyadvising the target	$2.1Bcomputed	$42.5M	—	DEFM14AApr 2026
Webster Financial Corpacquired by Santander	J.P. Morganadvising the target	$7.86Bcomputed	$75M	$7.5M	DEFM14AApr 2026
Soleno Therapeutics Inc.	Centerview Partnersadvising the target	$4.44Bcomputed	$40M	$2M	SC 14D9Apr 2026
Soleno Therapeutics Inc.	Guggenheim Securitiesadvising the target	$4.44Bcomputed	$33M	—	SC 14D9Apr 2026
Talkspace, Inc.acquired by Uhs	Wells Fargo Securitiesadvising the target	$710Mcomputed	$15.7M	$3M	DEFM14AApr 2026
Urgent.ly Inc.	Pericles Capitaladvising the target	$12.1Mcomputed	$4.31M	—	SC 14D9Apr 2026
Sphere 3D Corp.acquired by Cathedra	Rosenblattadvising the target	—	—	$175K	DEFM14AApr 2026
Forian Inc.	Houlihan Lokeyadvising the special_committee	$65.5Mcomputed	$2.5M	$1.25M	SC 14D9Apr 2026
Fonar Corp	Marshall & Stevensadvising the special_committee	$66.8Mcomputed	$120K	$120K	DEFM14AApr 2026
Kezar Life Sciences, Inc.	TD Cowenadvising the target	$51.3Mcomputed	$2.5M	$1M	SC 14D9Apr 2026
Enhabit, Inc.acquired by Kinderhook	Goldman Sachsadvising the target	$707Mcomputed	$24.8M	—	DEFM14AApr 2026
Apellis Pharmaceuticals, Inc.acquired by Biogen	Evercoreadvising the target	$3.96Bcomputed	$76M	$2M	SC 14D9Apr 2026
Clear Channel Outdoor Holdings, Inc.acquired by Mubadala Capital	Morgan Stanleyadvising the target	$1.21Bcomputed	—	$5M	DEFM14AApr 2026
Clear Channel Outdoor Holdings, Inc.acquired by Mubadala Capital	Moelis & Companyadvising the target	$1.21Bcomputed	$25M	—	DEFM14AApr 2026
Veris Residential, Inc.	J.P. Morganadvising the target	$1.78Bcomputed	$22M	$3M	DEFM14AApr 2026
Veris Residential, Inc.	Morgan Stanleyadvising the target	$1.78Bcomputed	$17M	$1.5M	DEFM14AApr 2026
Willow Lane Acquisition Corp.	Newbridgeadvising the target	—	$100K	$80K	DEFM14AApr 2026
Clearwater Analytics Holdings, Inc.	PJT Partnersadvising the special_committee	$7.89Bstated	$42.2M	$5M	DEFM14AApr 2026
Clearwater Analytics Holdings, Inc.	J.P. Morganadvising the target	$7.89Bstated	$51M	$5M	DEFM14AApr 2026
Terns Pharmaceuticals, Inc.acquired by Merck	Centerview Partnersadvising the target	$6.69Bcomputed	$50.5M	$2M	SC 14D9Apr 2026
Terns Pharmaceuticals, Inc.acquired by Merck	Jefferiesadvising the target	$6.69Bcomputed	$37M	$2M	SC 14D9Apr 2026
ENVIRI Corpacquired by Veolia	BofA Securitiesadvising the target	$3.04Bstated	$46M	—	DEFM14AApr 2026
European Wax Center, Inc.acquired by General Atlantic	Moelis & Companyadvising the target	—	—	$2M	DEFM14AApr 2026
Marine Products Corporationacquired by MasterCraft	Wells Fargo Securitiesadvising the acquirer	$85.6Mcomputed	$4.25M	$2M	DEFM14AApr 2026
Marine Products Corporationacquired by MasterCraft	Truist Securitiesadvising the target	$85.6Mcomputed	$5.5M	—	DEFM14AApr 2026
Masimo Corporationacquired by Danaher	Centerview Partnersadvising the target	$9.39Bcomputed	$60M	$5M	DEFM14AApr 2026
Sun Country Airlines Holdings, Inc.acquired by Allegiant	Goldman Sachsadvising the target	$218Mcomputed	$22.6M	$2M	DEFM14AMar 2026
Sun Country Airlines Holdings, Inc.acquired by Allegiant	Barclaysadvising the acquirer	$218Mcomputed	—	$3M	DEFM14AMar 2026
SkyWater Technology, Inc.acquired by IonQ	Goldman Sachsadvising the target	—	$33M	—	DEFM14AMar 2026
Urgent.ly Inc.	Periclesadvising the target	$12.1Mcomputed	$4.31M	—	SC 14D9Mar 2026
Coterra Energy Inc.acquired by Devon Energy	Goldman Sachsadvising the target	—	$37.5M	—	DEFM14AMar 2026
Devon Energy Corporationacquired by Coterra Energy	Goldman Sachsadvising the other	—	$37.5M	—	DEFM14AMar 2026
Farmer Bros. Co.acquired by Braemont	North Pointadvising the target	$41.5Mcomputed	$1.5M	$250K	DEFM14AMar 2026
Warner Bros. Discovery, Inc.acquired by Paramount Skydance	Allen & Companyadvising the target	$68.8Bcomputed	$100M	$20M	DEFM14AMar 2026
Warner Bros. Discovery, Inc.acquired by Paramount Skydance	J.P. Morganadvising the target	$68.8Bcomputed	$90M	$20M	DEFM14AMar 2026
Day One Biopharmaceuticals, Inc.acquired by Servier	Centerview Partnersadvising the target	$1.34Bcomputed	$60M	$2M	SC 14D9Mar 2026
DigitalBridge Group, Inc.acquired by SoftBank Group	Barclaysadvising the target	$2.19Bcomputed	—	$3M	DEFM14AMar 2026
DigitalBridge Group, Inc.acquired by SoftBank Group	J.P. Morganadvising the target	$2.19Bcomputed	$28M	$3M	DEFM14AMar 2026
Apollo Commercial Real Estate Finance, Inc.	BofA Securitiesadvising the target	$1.68Bstated	$8M	$3M	DEFM14AMar 2026
Calavo Growers, Inc.acquired by Mission Produce	Evercoreadvising the acquirer	$486Mstated	$6.5M	$1.5M	DEFM14AMar 2026
Calavo Growers, Inc.acquired by Mission Produce	Jefferiesadvising the target	$486Mstated	$12.5M	$2M	DEFM14AMar 2026
SunOpta Inc.	Lazardadvising the target	$769Mcomputed	$17M	$1M	DEFM14AMar 2026
Peakstone Realty Trust	BofA Securitiesadvising the target	$632Mcomputed	$16M	$2M	DEFM14AMar 2026
Janus Henderson Group plc	Goldman Sachsadvising the special_committee	$7.55Bcomputed	$55M	—	DEFM14AMar 2026
Udemy, Inc.acquired by Coursera	Morgan Stanleyadvising the target	—	$20M	$1M	DEFM14AMar 2026
Arcellx, Inc.	Centerview Partnersadvising the target	$5.73Bcomputed	$100M	$2M	SC 14D9Mar 2026
Golden Entertainment, Inc.acquired by VICI Properties	Macquarieadvising the other	$72Mcomputed	$9M	$1.25M	DEFM14AMar 2026
Golden Entertainment, Inc.acquired by VICI Properties	Santanderadvising the other	$72Mcomputed	$8M	—	DEFM14AMar 2026
Flushing Financial Corporationacquired by OceanFirst	Keefe, Bruyette & Woodsadvising the acquirer	$543Mstated	$7M	$1M	DEFM14AFeb 2026
Flushing Financial Corporationacquired by OceanFirst	PSCadvising the target	$543Mstated	—	$750K	DEFM14AFeb 2026
RAPT Therapeutics, Inc.	J.P. Morganadvising the target	$1.39Bcomputed	$50.4M	$2M	SC 14D9Feb 2026
Contango ORE, Inc.	Canaccord Genuityadvising the target	—	$4.15M	$400K	DEFM14AFeb 2026
Bakkt, Inc.acquired by Dtr	Krolladvising the special_committee	—	$650K	$350K	DEFM14AFeb 2026
Heritage Commerce Corpacquired by CVB Financial Corp	J.P. Morganadvising the acquirer	$811Mstated	$9M	$1M	DEFM14AFeb 2026
Heritage Commerce Corpacquired by CVB Financial Corp	Piper Sandleradvising the target	$811Mstated	—	$1M	DEFM14AFeb 2026
Ventyx Biosciences, Inc.acquired by Eli Lilly	Jefferiesadvising the target	$1Bcomputed	$25.7M	$2M	DEFM14AFeb 2026
Ventyx Biosciences, Inc.acquired by Eli Lilly	Moelis & Companyadvising the target	$1Bcomputed	—	$2M	DEFM14AFeb 2026
RAPT Therapeutics, Inc.	J.P. Morganadvising the target	$1.39Bcomputed	$50.4M	$2M	SC 14D9Feb 2026
Amicus Therapeutics, Inc.acquired by BioMarin	Goldman Sachsadvising the target	$4.47Bcomputed	$52.7M	—	DEFM14AFeb 2026
Amicus Therapeutics, Inc.acquired by BioMarin	Centerview Partnersadvising the target	$4.47Bcomputed	$52.7M	$2M	DEFM14AFeb 2026
The Brand House Collective, Inc.acquired by Bbby	Consensusadvising the target	—	—	$150K	DEFM14AJan 2026
Generation Bio Co.	TD Cowenadvising the target	—	$1.6M	$1M	SC 14D9Jan 2026
Avidity Biosciences, Inc.acquired by Novartis	Goldman Sachsadvising the target	$7.84Bcomputed	$108M	$10M	DEFM14AJan 2026
Avidity Biosciences, Inc.acquired by Novartis	Barclaysadvising the target	$7.84Bcomputed	—	$3.5M	DEFM14AJan 2026
Diamond Hill Investment Group, Inc.acquired by First Eagle	Broadhavenadvising the target	$430Mcomputed	$7M	$1M	DEFM14AJan 2026
Eventbrite, Inc.acquired by Bending Spoons S.p.A.	Allen & Companyadvising the target	—	$20M	—	DEFM14AJan 2026
Alexander & Baldwin, Inc.	BofA Securitiesadvising the target	$1.54Bcomputed	$18.1M	$2.5M	DEFM14AJan 2026
Trailblazer Merger Corporation Iacquired by Cyabra	Roth Capital Partnersadvising the other	$106Mstated	$175K	$175K	DEFM14AJan 2026
Monroe Capital Corporation	Houlihan Lokeyadvising the special_committee	—	$1.75M	$500K	DEFM14AJan 2026
First Foundation Inc.acquired by FirstSun	Stephensadvising the acquirer	$784Mstated	$8.25M	—	DEFM14AJan 2026
First Foundation Inc.acquired by FirstSun	Keefe, Bruyette & Woodsadvising the target	$784Mstated	—	$2M	DEFM14AJan 2026
First Foundation Inc.acquired by FirstSun	Jefferiesadvising the target	$784Mstated	$2M	$2M	DEFM14AJan 2026
Olympic Steel, Inc.acquired by Ryerson	J.P. Morganadvising the acquirer	—	$8M	$3M	DEFM14AJan 2026
Olympic Steel, Inc.acquired by Ryerson	KeyBancadvising the target	—	$7.5M	$1M	DEFM14AJan 2026
Dynavax Technologies Corporation	Centerview Partnersadvising the target	$1.82Bcomputed	$30M	$1M	SC 14D9Jan 2026
Dynavax Technologies Corporation	Goldman Sachsadvising the target	$1.82Bcomputed	$30M	$1M	SC 14D9Jan 2026
Generation Bio Co.	TD Cowenadvising the target	—	$1.6M	$1M	SC 14D9Jan 2026
Confluent, Inc.acquired by Ibm	Morgan Stanleyadvising the target	$9.53Bcomputed	$84M	$5M	DEFM14AJan 2026
Exact Sciences Corporationacquired by Abbott	Centerview Partnersadvising the target	$19.9Bcomputed	$70M	$5M	DEFM14AJan 2026
Exact Sciences Corporationacquired by Abbott	XMSadvising the target	$19.9Bcomputed	$40M	—	DEFM14AJan 2026
Brighthouse Financial, Inc.acquired by Aquarian	Goldman Sachsadvising the target	$4Bcomputed	$41M	—	DEFM14AJan 2026
Brighthouse Financial, Inc.acquired by Aquarian	Wells Fargo Securitiesadvising the target	$4Bcomputed	$41M	$5M	DEFM14AJan 2026
CNL Healthcare Properties, Inc.acquired by Sonida Senior Living, Inc.	RBC Capital Marketsadvising the acquirer	$1.8Bstated	$10M	$1.5M	DEFM14AJan 2026
Synchronoss Technologies, Inc.acquired by Lumine Group	TD Cowenadvising the target	$104Mcomputed	$4.7M	—	DEFM14AJan 2026
Crawford United Corporationacquired by Spx	Lake Streetadvising the target	$300Mstated	$2.23M	—	DEFM14AJan 2026
Crawford United Corporationacquired by Spx	Stoutadvising the target	$300Mstated	$175K	$175K	DEFM14AJan 2026
Veeco Instruments Inc.acquired by Axcelis Technologies	J.P. Morganadvising the acquirer	$612Mcomputed	$27.5M	$4M	DEFM14ADec 2025
Veeco Instruments Inc.acquired by Axcelis Technologies	UBSadvising the target	$612Mcomputed	$28.5M	$3M	DEFM14ADec 2025
Essential Utilities, Inc.acquired by American Water	BofA Securitiesadvising the acquirer	—	$45M	$2.5M	DEFM14ADec 2025
Semrush Holdings, Inc.acquired by Adobe	Centerview Partnersadvising the target	$1.51Bcomputed	$33M	$5M	DEFM14ADec 2025
TreeHouse Foods, Inc.	Goldman Sachsadvising the target	$1.2Bstated	$29.1M	$1.5M	DEFM14ADec 2025
Qorvo, Inc.acquired by Skyworks Solutions	Goldman Sachsadvising the acquirer	—	$8M	—	DEFM14ADec 2025
Qorvo, Inc.acquired by Skyworks Solutions	Centerview Partnersadvising the target	—	$74M	$6M	DEFM14ADec 2025
Hologic, Inc.	Goldman Sachsadvising the target	$334Mcomputed	$109M	—	DEFM14ADec 2025
REV Group, Inc.acquired by Terex	Barclaysadvising the acquirer	—	—	$4M	DEFM14ADec 2025
REV Group, Inc.acquired by Terex	J.P. Morganadvising the target	—	$34M	$3M	DEFM14ADec 2025
PotlatchDeltic Corporationacquired by Rayonier	Morgan Stanleyadvising the acquirer	—	$20M	$3M	DEFM14ADec 2025
PotlatchDeltic Corporationacquired by Rayonier	BofA Securitiesadvising the target	—	$36M	$1.5M	DEFM14ADec 2025
Civitas Resources, Inc.acquired by SM Energy	Evercoreadvising the acquirer	—	$20M	$2M	DEFM14ADec 2025
Civitas Resources, Inc.acquired by SM Energy	J.P. Morganadvising the target	—	$28M	$3.5M	DEFM14ADec 2025
Coeur Mining, Inc.acquired by New Gold	BMOadvising the target	—	$21M	—	DEFM14ADec 2025
Coeur Mining, Inc.acquired by New Gold	RBCCMadvising the target	—	—	$4.5M	DEFM14ADec 2025
Plymouth Industrial REIT, Inc.acquired by Ares Management	J.P. Morganadvising the target	$980Mcomputed	$8M	$1M	DEFM14ADec 2025
Warner Bros. Discovery, Inc.acquired by Netflix	Allen & Companyadvising the target	$74.3Bcomputed	$85M	$10M	SC 14D9Dec 2025
Warner Bros. Discovery, Inc.acquired by Netflix	J.P. Morganadvising the target	$74.3Bcomputed	$85M	$5M	SC 14D9Dec 2025
Warner Bros. Discovery, Inc.acquired by Netflix	Evercoreadvising the target	$74.3Bcomputed	$55M	—	SC 14D9Dec 2025
Kenvue Inc.acquired by Kimberly-Clark	J.P. Morganadvising the acquirer	$6.71Bcomputed	$50M	$5M	DEFM14ADec 2025
Kenvue Inc.acquired by Kimberly-Clark	PJT Partnersadvising the acquirer	$6.71Bcomputed	$57M	$5M	DEFM14ADec 2025
Kenvue Inc.acquired by Kimberly-Clark	Centerview Partnersadvising the target	$6.71Bcomputed	$63M	$5M	DEFM14ADec 2025
Kenvue Inc.acquired by Kimberly-Clark	Goldman Sachsadvising the target	$6.71Bcomputed	$63M	—	DEFM14ADec 2025
CSG Systems International, Inc.	Jefferiesadvising the target	$2.11Bcomputed	$37M	$1.5M	DEFM14ADec 2025
Repare Therapeutics Inc.	Leerink Partnersadvising the target	—	$4M	$1M	DEFM14ADec 2025
Forge Global Holdings, Inc.acquired by Charles Schwab	FTadvising the target	$550Mcomputed	$11.3M	$1.25M	DEFM14ADec 2025
Sotherly Hotels Inc.acquired by Kwhp	Piper Sandleradvising the special_committee	$46.1Mcomputed	$1M	—	DEFM14ADec 2025
Jamf Holding Corp.acquired by Francisco Partners	Citiadvising the target	$1.74Bcomputed	$32M	$4M	DEFM14ADec 2025
Mersana Therapeutics, Inc.	TD Cowenadvising the target	—	$3.5M	—	SC 14D9Dec 2025
Sonim Technologies Inc.	Roth Capital Partnersadvising the special_committee	$15Mstated	$250K	—	DEFM14ADec 2025
Semler Scientific, Inc.acquired by Strive	LionTreeadvising the target	—	$18M	—	DEFM14ADec 2025
Cidara Therapeutics, Inc.acquired by Merck	Evercoreadvising the target	$6.96Bcomputed	$94M	$1.5M	SC 14D9Dec 2025
Cidara Therapeutics, Inc.acquired by Merck	Goldman Sachsadvising the target	$6.96Bcomputed	$94M	$1.5M	SC 14D9Dec 2025
Avadel Pharmaceuticals PLCacquired by Alkermes	Morgan Stanleyadvising the target	$1.22Bcomputed	$27M	$2M	DEFM14ADec 2025
Avadel Pharmaceuticals PLCacquired by Alkermes	Goldman Sachsadvising the target	$1.22Bcomputed	$27M	—	DEFM14ADec 2025
Anywhere Real Estate Inc.acquired by Compass	Morgan Stanleyadvising the acquirer	—	$24M	$2.5M	DEFM14ADec 2025
Anywhere Real Estate Inc.acquired by Compass	Goldman Sachsadvising the target	—	$42M	$3M	DEFM14ADec 2025
DENNY'S Corp	Truist Securitiesadvising the target	$640Mstated	$9.3M	$2M	DEFM14ADec 2025
Comerica Inc.acquired by Fifth Third	Goldman Sachsadvising the acquirer	—	$50M	—	DEFM14ANov 2025
Comerica Inc.acquired by Fifth Third	J.P. Morganadvising the target	—	$75M	$7.5M	DEFM14ANov 2025
TrueCar, Inc.	Morgan Stanleyadvising the target	$227Mcomputed	$12.5M	—	DEFM14ANov 2025
Electronic Arts Inc.	Goldman Sachsadvising the target	$52.4Bcomputed	$110M	—	DEFM14ANov 2025
Evoke Pharma Inc	Stifeladvising the target_board	$18.9Mcomputed	$2M	$650K	SC 14D9Nov 2025
Alphatime Acquisition Corp	Newbridgeadvising the target_board	$75Mstated	$150K	$50K	DEFM14ANov 2025
Merus N.V.acquired by Genmab	Jefferiesadvising the target	$6.14Bcomputed	$90M	$2M	DEFM14ANov 2025
Vital Energy, Inc.acquired by Crescent	Intrepidadvising the special_committee	—	—	$1M	DEFM14ANov 2025
Vital Energy, Inc.acquired by Crescent	Houlihan Lokeyadvising the target	—	$15M	$3M	DEFM14ANov 2025
Paramount Group, Inc.	BofA Securitiesadvising the target	$1.44Bcomputed	$34.8M	$3M	DEFM14ANov 2025
Akero Therapeutics, Inc.acquired by Novo	Morgan Stanleyadvising the target	$4.45Bcomputed	$53M	$8M	DEFM14ANov 2025
Akero Therapeutics, Inc.acquired by Novo	J.P. Morganadvising the target	$4.45Bcomputed	$35M	$8M	DEFM14ANov 2025
Steelcase Inc.acquired by Hni	Goldman Sachsadvising the target	$879Mstated	$33M	—	DEFM14ANov 2025
Steelcase Inc.acquired by Hni	J.P. Morganadvising the acquirer	$879Mstated	$17.3M	$3M	DEFM14ANov 2025
Steelcase Inc.acquired by Hni	BofA Securitiesadvising the target	$879Mstated	$10.9M	$1.5M	DEFM14ANov 2025
Berry Corpacquired by Crc	Guggenheim Securitiesadvising the target	—	$11M	$2.5M	DEFM14ANov 2025
Heidrick & Struggles International Inc.	BofA Securitiesadvising the target	$1.35Bstated	$17.6M	$2M	DEFM14ANov 2025
Tiptree Inc.	Barclaysadvising the target	$1.65Bstated	—	$3M	DEFM14AOct 2025
Tiptree Inc.	BofA Securitiesadvising the target	$1.65Bstated	$9M	—	DEFM14AOct 2025
WideOpenWest, Inc.acquired by DigitalBridge and Crestview	Centerview Partnersadvising the special_committee	$290Mstated	$19.4M	$2.5M	DEFM14AOct 2025
ODP Corp	J.P. Morganadvising the target	$842Mcomputed	$23M	$5M	DEFM14AOct 2025
Sonnet BioTherapeutics Holdings, Inc.	Chardanadvising the other	$4.8Mstated	$4M	—	DEFM14AOct 2025
Sonnet BioTherapeutics Holdings, Inc.	Chardanadvising the other	$4.8Mstated	$9.64M	—	DEFM14AOct 2025
Pixelworks, Inc.	Morgan Stanleyadvising the target	—	$5M	—	DEFM14AOct 2025
Hanesbrands Inc.acquired by Gildan	Goldman Sachsadvising the target	—	$47M	—	DEFM14AOct 2025
Hanesbrands Inc.acquired by Gildan	Evercoreadvising the target	—	$4.5M	—	DEFM14AOct 2025
Premier, Inc.acquired by Patient Square Capital Fund	Goldman Sachsadvising the target	$2.32Bcomputed	$29.6M	—	DEFM14AOct 2025
Premier, Inc.acquired by Patient Square Capital Fund	BofA Securitiesadvising the target	$2.32Bcomputed	$13.5M	$2M	DEFM14AOct 2025
Merus N.V.acquired by Genmab	Jefferiesadvising the target	$7.34Bcomputed	$90M	$2M	SC 14D9Oct 2025
Merus N.V.acquired by Genmab	Chestnutadvising the target	$7.34Bcomputed	$4M	—	SC 14D9Oct 2025
CureVac N.V.	Goldman Sachsadvising the target	—	$19.7M	$1M	SC 14D9Oct 2025
Verint Systems Inc.	Jefferiesadvising the target	$1.24Bcomputed	$31.8M	$2.5M	DEFM14AOct 2025
Verint Systems Inc.	Evercoreadvising the target	$1.24Bcomputed	$3M	—	DEFM14AOct 2025
Metsera, Inc.acquired by Pfizer	Goldman Sachsadvising the target	$5.25Bcomputed	$30M	—	DEFM14AOct 2025
Metsera, Inc.acquired by Pfizer	BofA Securitiesadvising the target	$5.25Bcomputed	$10M	—	DEFM14AOct 2025
Metsera, Inc.acquired by Pfizer	Guggenheim Securitiesadvising the target	$5.25Bcomputed	$30M	—	DEFM14AOct 2025
Emeren Group Ltd	Krolladvising the special_committee	—	$320K	$160K	DEFM14AOct 2025
Norfolk Southern Corporationacquired by Union Pacific	Morgan Stanleyadvising the acquirer	$20Bcomputed	$52.5M	$4M	DEFM14AOct 2025
Norfolk Southern Corporationacquired by Union Pacific	Wells Fargo Securitiesadvising the acquirer	$20Bcomputed	$52.5M	$4M	DEFM14AOct 2025
Norfolk Southern Corporationacquired by Union Pacific	BofA Securitiesadvising the target	$20Bcomputed	$130M	$7.5M	DEFM14AOct 2025
89bio, Inc.	Centerview Partnersadvising the target_board	$890Mcomputed	$33M	$1.5M	SC 14D9Oct 2025
Pinnacle Financial Partners, Inc.	Centerview Partnersadvising the target_board	—	$47.5M	$5M	DEFM14ASep 2025
Pinnacle Financial Partners, Inc.	Morgan Stanleyadvising the other	—	$47.5M	$5M	DEFM14ASep 2025
Synovus Financial Corp.	Morgan Stanleyadvising the target	—	$47.5M	$5M	DEFM14ASep 2025
Synovus Financial Corp.	Centerview Partnersadvising the other	—	$47.5M	$5M	DEFM14ASep 2025
scPharmaceuticals Inc.	Leerink Partnersadvising the target	$285Mcomputed	$8.8M	$750K	SC 14D9Sep 2025
Tourmaline Bio, Inc.acquired by Novartis	Leerink Partnersadvising the target	$1.23Bcomputed	$30.8M	$2M	SC 14D9Sep 2025
Core Scientific, Inc.acquired by CoreWeave	Moelis & Companyadvising the target	—	—	$2M	DEFM14ASep 2025
Core Scientific, Inc.acquired by CoreWeave	PJT Partnersadvising the target	—	$10M	$3M	DEFM14ASep 2025
American Woodmark Corporationacquired by MasterBrand	Rothschildadvising the acquirer	—	$15M	$3M	DEFM14ASep 2025
American Woodmark Corporationacquired by MasterBrand	Jefferiesadvising the target	—	$13M	—	DEFM14ASep 2025
Elme Communitiesacquired by Cortland	Goldman Sachsadvising the special_committee	—	$20.8M	$2M	DEFM14ASep 2025
Potbelly Corporationacquired by RaceTrac	Piper Sandleradvising the target	$409Mcomputed	$6.9M	$1M	SC 14D9Sep 2025
MeridianLink, Inc.acquired by Centerbridge	J.P. Morganadvising the other	$2.39Bstated	$5M	—	DEFM14ASep 2025
MeridianLink, Inc.acquired by Centerbridge	Centerview Partnersadvising the target_board	$2.39Bstated	$29.4M	$3M	DEFM14ASep 2025
Augusta Gold Corp.	NBFadvising the target	—	$1.75M	$750K	DEFM14ASep 2025
STAAR Surgical Companyacquired by Alcon	Citiadvising the target_board	$1.39Bcomputed	$30.6M	$4M	DEFM14ASep 2025
GSR III Acquisition Corp.acquired by Terra Innovatum Global	ERSharesadvising the target_board	$475Mstated	$75K	$60K	DEFM14ASep 2025
Aris Water Solutions, Inc.acquired by Wes	Citiadvising the target	—	$20M	—	DEFM14ASep 2025
Performant Healthcare, Inc.acquired by Continental	Truist Securitiesadvising the target	$715Mstated	$23.7M	$1M	DEFM14ASep 2025
scPharmaceuticals Inc.	Leerink Partnersadvising the target_board	$285Mcomputed	$8.8M	$750K	SC 14D9Sep 2025
Chart Industries, Inc.acquired by Baker Hughes	Wells Fargo Securitiesadvising the target_board	$10.1Bstated	$55.8M	—	DEFM14ASep 2025
LAVA Therapeutics NVacquired by Xoma	Leerink Partnersadvising the target	—	$3M	$1M	DEFM14ASep 2025
ZimVie Inc.	Centerview Partnersadvising the target_board	$522Mcomputed	$20M	$7.5M	DEFM14ASep 2025
Goldman Sachs Middle Market Lending Corp. II	Truist Securitiesadvising the special_committee	—	$2.5M	$750K	DEFM14AAug 2025
Verona Pharma plcacquired by Merck	Centerview Partnersadvising the target_board	$9.11Bcomputed	$113M	$2M	DEFM14AAug 2025

Showing the first 300 rows. Use the search box to narrow the list.

Coverage: public-company targets only, because private deals do not file fee disclosures. For private sales under $150M, the calculator uses advisor survey data instead. 57 extracted fee statements failed automated quote verification and are excluded.

Common questions

What percentage do investment banks charge to sell a company?

The disclosed share falls as the transaction gets larger. The bands above give the median and the middle half for each deal size, computed from 751 advisor fees stated in 660 merger proxies and tender-offer statements. A fee on a specific transaction is negotiated and can sit outside the band for its size.

Is the advisor's fee paid even if the deal does not close?

Usually only part of it. 515 of the advisor records state how much of the fee depends on closing, and the structure section above shows that share by deal size. The fairness opinion fee is the common exception: it is normally payable on delivery of the opinion whatever happens to the transaction.

What is a retainer or a monthly fee worth on these deals?

A merger proxy summarises the engagement rather than reproducing it, so it often does not say. Across 660 filings read in full, the engagement terms page counts how often a retainer, an expense cap, an indemnity or a credit of one fee against another is mentioned at all.

Where do these fees come from?

Each one is quoted from the filing that discloses it. A fee is included only when the sentence quoted for it appears word for word in the filing text and the amount appears in that sentence; 57 extracted statements failed that check and are excluded. Every row links to its filing.

How much do M&A advisors charge?

Fees by deal size

Fees by who hired the bank

Fees by bank tier and deal size

Fees by industry

When the fee is paid

What the whole deal costs

Deals with more than one bank

Fees by year

Fees by firm

Bank profiles

Goldman Sachs #

CPCenterview Partners #

J.P. Morgan #

BofA Securities #

Morgan Stanley #

Jefferies #

Citi #

Evercore #

LPLeerink Partners #

Houlihan Lokey #

TD Cowen #

Lazard #

Wells Fargo Securities #

Guggenheim Securities #

Piper Sandler #

PJT Partners #

Keefe, Bruyette & Woods #

Kroll #

Perella Weinberg Partners #

Truist Securities #

NNewbridge #

Raymond James #

ACAllen & Company #

Moelis & Company #

BMO #

Rothschild #

William Blair #

Every disclosed fee

Common questions

What percentage do investment banks charge to sell a company?

Is the advisor's fee paid even if the deal does not close?

What is a retainer or a monthly fee worth on these deals?

Where do these fees come from?

Centerview Partners #

Leerink Partners #

Newbridge #

Allen & Company #