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

Pivoting to buyers by geography, 42% of acquirers were from Japan, followed by India at 17%, and the US at 13%. South Korea was home to 9% of buyers while China was at 7%, followed by Singapore at 4%. Dealmaking remained international with 27% of transactions being cross-border.