Kroll's Two-Decade Reign in Fairness Opinions Amid $1 Trillion in Deals

NEW YORK, NY – January 08, 2026 – Kroll, a global leader in financial and risk advisory, has once again been named the top provider of fairness opinions worldwide for 2025, according to new data from LSEG (formerly Refinitiv). This announcement marks more than two decades of uninterrupted leadership for the firm in a critical corner of corporate finance, underscoring a deep-seated trust earned across transactions collectively valued at over $1 trillion.

Over the past 20 years, Kroll's Transaction Opinions practice has delivered more than 1,500 fairness opinions, cementing its reputation as the go-to advisor for boards of directors, special committees, and C-suite executives navigating the complexities of major corporate transactions. This sustained dominance highlights not only the firm's expertise but also the increasing importance of independent financial validation in a high-stakes global market.

The Bedrock of Corporate Governance

A fairness opinion serves as a crucial pillar of modern corporate governance. It is an independent, professional analysis delivered by a financial advisor that assesses whether the financial terms of a transaction—such as a merger, acquisition, or sale—are fair from a financial point of view to a company's shareholders. While not always a legal requirement, obtaining one has become an indispensable best practice for boards seeking to fulfill their fiduciary duties.

In essence, a fairness opinion provides a board with a defensible, third-party validation of their decision-making process. This is particularly vital in situations with potential conflicts of interest, such as management-led buyouts or deals involving significant shareholders. By securing an independent opinion, a board demonstrates it has acted with due care and diligence, creating a powerful shield against potential shareholder litigation that can arise from contentious deals.

Regulatory bodies have also underscored their importance. In the United States, FINRA Rule 5150 imposes strict disclosure and procedural requirements on firms that issue fairness opinions, demanding transparency around potential conflicts of interest and compensation structures. This regulatory oversight reinforces the need for true independence and rigorous analysis, qualities that have become hallmarks of Kroll's long-standing practice.

A Legacy of Leadership in a Competitive Field

Kroll's 20-year run at the top is particularly notable given the highly competitive landscape for financial advisory services. The firm has consistently outperformed a roster of formidable competitors that includes other specialized advisory firms and global investment banking giants like Houlihan Lokey, Stout, and J.P. Morgan, all of which are major players in the M&A advisory space.

The firm's leadership legacy was built under its well-known Duff & Phelps brand, which was fully integrated into Kroll. Historical data from LSEG's predecessor, Thomson Reuters, shows a consistent pattern of top rankings for Duff & Phelps in the U.S. and globally for the sheer volume of fairness opinions rendered year after year. This track record points to a deeply embedded institutional expertise and a market reputation that is difficult to replicate.

Chris Janssen, Global Head of Transaction Opinions at Kroll, commented on the achievement in a statement. "We are honored to be recognized once again as the global leader in fairness opinions," he said. "This achievement reflects our strong reputation for delivering independent financial advice that withstands rigorous scrutiny. Our global team combines deep transactional expertise with Kroll's extensive valuation capabilities to guide clients through critical decisions and help them fulfill their fiduciary duties with trusted analysis and sound opinions."

Navigating the 2025 M&A Rebound

Kroll’s 2025 ranking was achieved against the backdrop of a dynamic and resurgent M&A market. After a period of volatility, the year was characterized by a significant rebound in deal values, even as overall transaction volumes remained mixed. According to market reports from firms like PwC and Lazard, 2025 saw a pronounced increase in megadeals—transactions valued in the billions—as corporations and private equity firms pursued large, strategic opportunities with renewed confidence.

This shift toward larger and more complex deals amplified the need for meticulous due diligence and independent financial oversight. As deal values climbed, so did the potential risks for boards and shareholders. In this environment, the demand for robust fairness opinions grew, as they provided an essential layer of assurance for all parties involved. The Americas, in particular, drove M&A activity, accounting for a majority of global deal value and providing a fertile ground for advisory services.

Key drivers of this rebound included heightened activity from financial sponsors, who faced pressure to deploy capital and return funds to investors, and a growing focus on transformative sectors like technology, energy, and AI. As companies engaged in these high-stakes transactions, the independent analysis offered by firms like Kroll became not just a procedural step but a strategic necessity for ensuring a deal's financial integrity.

The Future of Advisory: Data, Technology, and Trust

Sustaining market leadership for over two decades requires more than just a strong historical reputation. In its own communications, Kroll points to its use of "unique insights, data and technology" as a key differentiator. This suggests a forward-looking strategy that blends its century-long history of expertise with modern analytical capabilities.

In the world of financial advisory, the integration of advanced data analytics and technology is transforming how opinions are formed and defended. Sophisticated modeling, vast data sets, and AI-driven insights can enhance the depth and accuracy of valuation analyses, allowing advisors to test assumptions and scenarios with greater rigor. This technological underpinning strengthens the defensibility of a fairness opinion, providing boards with an even more robust foundation for their decisions.

For Kroll, this combination of deep-seated trust, extensive transactional experience, and a commitment to leveraging technology appears to be the formula for its enduring success. As corporate transactions continue to grow in complexity and scrutiny from regulators and investors intensifies, the role of the independent, tech-enabled financial advisor is set to become more critical than ever. Kroll's continued dominance indicates it has not only defined the standard for the past but is also actively shaping the future of financial advisory.