JP Morgan has advised on one of its smallest deals in recent years. Unusually for one of the biggest global banks, it worked on what is believed to be a $5m (€5.86m) transaction, acting for Havas on its acquisition of a 60% stake in PR firm Hudson Sandler.

The bank has advised on a mere six M&A transactions worth less than $10m, since the beginning of 1999, according to M&A data specialists Computasoft, although some smaller companies do not always disclose the value of their deals.