Looking at the location of sellers by geography, Sweden accounted for 38%, with Denmark representing 29%. Norway and Finland comprised 18% and 15% of sellers, respectively, underscoring the region's broad-based contribution to overall deal activity. 

Pivoting to the location of buyers by geography, 32% were based in Sweden followed by Norway and Finland at 13% each. The remaining target companies were acquired by firms headquartered throughout the Nordics and across the globe. Dealmaking remained highly international with 52% of transactions being cross-border.