The US dominated among the Smart Logistics buyers, accounting for 43% of the total. Behind the US was Germany with 16%. Canada and the UK shared third place with 8% each, followed by the Netherlands with 6%. Significant M&A activity in the sector was also spotted in Latin America and Asia. Dealmaking remained highly international with 35% of transactions being cross-border. 

Among Smart Logistics sellers, 49% were based in the US, with the United Kingdom following with 8%, trailed by Germany with 6%, as well as Canada and the Netherlands with 5% each.