Looking at sellers by geography, 46% of target companies were based in Japan, followed by India at 20% and Singapore at 11%. Additionally, China was home to 10% of sellers, followed by South Korea at 6% and Malaysia with 3%.

Pivoting to buyers by geography, 45% of acquirers were from Japan followed by India at 16% and the US at 14%. Both China and South Korea were home to 6% of buyers, followed by Singapore at 5%. Dealmaking remained international with 29% of transactions being cross-border.