The “Global Mergers & Acquisitions Review: Full Year 2019/Financial Advisors” from Refinitiv contains M&A statistics and also rankings for worldwide providers of fairness opinions. Here are the top five providers (based on the number of transactions) of announced fairness opinions rendered in the United States:

1. Duff & Phelps (2018 rank: 1);

2. Stout (2018 rank: 3);

3. Houlihan Lokey (2018 rank: 2);

4. J.P. Morgan (2018 rank: 4); and

5. Morgan Stanley (2018 rank: 12).

Globally, the top five providers of announced fairness opinions are:

1. Duff & Phelps (2018 rank: 1);

2. J.P. Morgan (2018 rank: tied for 3);

3. (tie) Houlihan Lokey (2018 rank: 5);

3. (tie) Stout (2018 rank: 6); and

5. CITIC (2018 rank: 2)

(Note: This report was previously the “Thomson Reuters Mergers & Acquisitions Review.”)