Buyers remained a diversified mix, highlighting the increasingly international structure of the gaming M&A market in 2025. Buyers were primarily concentrated in the US and the United Kingdom, which represented the home of 37% and 15% of acquirers, respectively. There was also significant activity from Asia, particularly Japan, South Korea, India and Singapore. Dealmaking remained highly international as 54% of transactions were cross-border. 

During the first nine months of 2025, most gaming M&A sellers came from North America and Europe, with a few notable deals in Asia and the Middle East. The United States remained the largest source of targets as the headquarters of 33% of sellers, especially among established PC and console developers adjusting their portfolios or seeking strategic exits, followed by the United Kingdom at 12% and Japan at 6%. There was also activity in the Middle East and Asia.