Here are the 12 banks who advised on the most M&A activity in the 3rd quarter

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• There have been several mergers and acquisitions in 2019 that are set to reshape the dynamic of industries such as defense, pharmaceuticals, and energy.
• Mergermarket - an editorial and analytics firm that tracks M&A activity - published its third quarter report highlighting the biggest deals and the banks behind them.
• Here are the 12 banks who advised the most M&A activity in the third quarter of 2019.
• Visit the Business Insider homepage for more stories.

Massive mergers and acquisitions in 2019 are set to change the landscape of industries such as defense, pharmaceuticals, and energy.

Editorial and analytics firm Mergermarket published its quarterly M&A report detailing overall deal flow for the year, the biggest transactions, and the banks behind them.

According to the firm's report, global M&A volume is down 11.4% year-over-year to $2.49 trillion over the first three quarters of 2019. However, while the overall volume is down, the average deal size has swelled to a record $424.6 million. The dynamic suggests dealmakers are looking for fewer, larger deals.

"Whether they are motivated by the desire to get more growth, or a way to secure future survival, deals are getting larger," global editorial analytics director Beranger Guille said in the report.

Guille continued: "On the back of the longest equity bull market in history, and amid persistently low interest rates, corporates have ample cash reserves and appealing debt financing options at their disposal to pursue M&A."

Here are the 12 banks who advised the most M&A activity in the third quarter of 2019, ranked in increasing order of total deal volume: