During the first three months of 2025, 41% of sellers were headquartered in Sweden, followed by Denmark-based targets at 36%. Finland and Norway were home to 12% and 11% of sellers, respectively.

Outside of the Nordics region, 20% of all buyers were located in Europe and another 12% were based in North America. Dealmaking remained highly international as 53% of deals were cross-border, with buyers driven by favorable exchange rates and attractive pricing.