Through September 2025, 39% of sellers were headquartered in Sweden, followed by Denmark-based targets at 26%. Norway and Finland were home to 20% and 14% of sellers, respectively. 

Outside of the Nordics region, 16% of all buyers were located in Europe, and another 15% were based in North America. The remaining target companies were acquired by firms headquartered throughout the Nordics and across the globe. Dealmaking remained highly international with 48% of transactions being cross-border.