First Belgian League Tables reveal key players in the first six months of the year.
More and more Belgian dealmakers are finding their way to Dealmakerdata.be, the growing database that keeps the M&A community informed about recent deals and the involvement of active professionals. As the platform continues to expand, it’s also becoming a valuable visibility tool for those working in the Belgian dealmaking space.
To support that visibility – and further energize the community – we are now publishing the very first League Tables for the Belgian market. Not as a definitive list of ‘top performers’, but as an overview of who was most visible on Dealmakerdata.be in the first half of 2025.
A clear focus on Belgium
For this initial edition, we’ve chosen to include only those dealmakers active in Belgium, even though many deals have cross-border involvement and Dutch advisors frequently appear in transactions. This focus ensures the spotlight remains firmly on the Belgian community.
The League Tables are based on two main criteria:
- Number of deals a dealmaker was involved in
- Total deal value of those deals
Only deals involving at least one company headquartered in Belgium were considered. From that selection, we filtered for professionals operating in the Belgian market.
M&A Advisory: BNP Paribas Fortis and VDP in the lead
In the first half of 2025, BNP Paribas Fortis emerged as the leading Belgian advisory firm by deal value, securing the top position with transactions totaling 850 million euros. This achievement is primarily attributed to its role as advisor to Elia Group in a major capital raise.
BNP Paribas advised Elia Group on a 850 million euros private placement (PIPE), which forms part of a broader 2.2 billion euros equity package. The overall capital raise also includes a rights offering of up to 21,814,521 new shares, potentially adding 1.35 billion euros.
The PIPE involved the issuance of new shares to key investors, including ATLAS Infrastructure, BlackRock, CPP Investments, and Publi-T/NextGrid Holding, Elia’s reference shareholder. Proceeds from the capital increase will support infrastructure investments aimed at enhancing grid reliability and advancing the clean energy transition.
Kumulus Partners and Oaklins Belgium secured the second and third spots in the Top 10 advisory firms by deal value, with transactions totaling 440 million euros and 255 million euros, respectively.
In terms of deal count, VDP led the rankings. The independent Belgian corporate finance boutique completed 8 transactions in the first half of 2025, including the notable acquisition of Molens T’Kindt by Dossche Mills. EY Belgium and Kumulus Partners followed closely, completing 7 and 6 deals, respectively.
Legal Advisory: Strong half-year performance by A&O Shearman and Stibbe
In the legal advisory space, A&O Shearman leads decisively with a deal value of 3.58 billion euros recorded in the first half of 2025. Their standout transaction was advising Ageas, the international Belgian insurance group, on its acquisition of 100 percent of UK-based digital personal lines insurer esure from Bain Capital for approximately 1.51 billion euros. This strategic acquisition supports Ageas’s Elevate27 strategy, aimed at expanding its footprint in the UK personal lines market. The integration is expected to deliver annual cost synergies exceeding 115 million euros and significantly bolster Ageas’s growth and profitability across Europe.
Stibbe Belgium led in deal volume, completing 9 transactions during the same period. A highlight was their advisory role in the 1 billion euros merger between Aedifica and Cofinimmo, two leading Belgian healthcare real estate investment trusts (REITs). The merger will be executed through an all-share voluntary exchange offer, with Aedifica offering 1.185 new shares for each Cofinimmo share. The transaction will move forward if at least 50 percent plus one of Cofinimmo’s shares are tendered. A&O Shearman and Cresco Law follow with 7 and 6 deals, respectively.
Transparency and a call to action
These League Tables are based exclusively on data submitted to Dealmakerdata.be. Since many transactions still lack complete advisory team information, the results should be viewed as a snapshot of visibility – not as a final performance ranking.
Want to ensure your activity is reflected in future editions? Submit your deals, including full advisory teams, via [email protected] or directly at Dealmakerdata.be. The more data we receive, the more accurately we can reflect the true dynamics of Belgium’s M&A landscape.
