Looking at sellers by geography, 39% were headquartered in Sweden, followed by Norway-based targets at 25%. Denmark and Finland were home to 20% and 14% of sellers, respectively. The remaining 2% of targets came from Iceland.

Pivoting to buyers by geography, 13% were located in Europe outside of the Nordic region, and another 7% were based in North America. The remaining target companies were acquired by firms headquartered throughout the Nordics and across the globe. Dealmaking activities remained highly international with 51% of transactions being cross-border.