Looking at sellers by geography, 40% were headquartered in Sweden, followed by Denmark-based targets at 21%. Norway and Finland were home to 20% and 17% of sellers, respectively. The remaining 2% of targets came from Iceland.

Pivoting to buyers by geography, 18% were located in Europe outside of the Nordics region, and another 8% 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 48% of transactions being cross-border.