Looking at sellers by geography, 38% were headquartered in Sweden, followed by Denmark-based targets at 26%. Norway and Finland were home to 20% and 15% of sellers, respectively. The remaining 1% of targets came from Iceland. 

Pivoting to buyers by geography, 17% were located in Europe outside of the Nordics region, and another 13% 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 53% of transactions being cross-border.