Moving on the sellers by geography, dealmaking was concentrated in the USA as it was home to 37% of sellers followed by the United Kingdom at 11%. The Netherlands and France were home to 6% of sellers and Sweden and Germany both represented the headquarters of 4% of targets. There was also significant activity in Ireland and Japan.

Pivoting to buyers by geography, the hubs remained similar: 37% of acquirers were based in the US followed by the United Kingdom at 12%. Furthermore, France and Netherlands were both home to 7% of acquirers followed by the Sweden and Japan at 5% each, Germany and Canada at 4% each. Dealmaking remained international with 19% of transactions being cross-border.