Looking at sellers by geography, 41% were headquartered in Sweden, followed by Norway-based targets at 25%. Finland and Denmark were home to 16% of sellers each. The remaining 3% of targets came from Iceland.

Pivoting to buyers by geography, 17% were located in Europe outside of the Nordics region, and another 12% 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 52% of transactions being cross-border.