Looking at sellers by geography, 42% of target companies were based in Japan, followed by India at 23% and China at 10%. Additionally, South Korea was home to 10% of sellers, followed by Singapore at 9%.

Pivoting to buyers by geography, 41% of acquirers were from Japan, followed by India at 17%, and the US at 12%. South Korea and China were both home to 8% of buyers while Singapore was the headquarters of 5% of acquirers. Dealmaking remained international with 27% of transactions being cross-border.