Buyers in 2025 were globally distributed, underscoring the Gaming sector’s status as a truly international asset class. The US remained the most active buyer location, accounting for approximately 35% of acquirers, followed by the United Kingdom at 12%, reflecting strong strategic and financial buyer presence in both markets. Asia also played a significant role, with meaningful activity from Japan, South Korea, India, and Singapore, driven by regional expansion strategies and cross-border growth ambitions. Overall, dealmaking was highly international in nature, with cross-border transactions representing 54% of all deals, highlighting the increasingly global scope of Gaming M&A. 

Seller activity in 2025 was concentrated primarily in North America and Europe, which together accounted for the majority of transactions. The US remained the largest source of targets, representing approximately 31% of sellers, driven by continued consolidation among US-based developers. Canada was the headquarters for 6% of sellers. Europe also contributed a significant share of activity, led by the United Kingdom as the home of 11% of sellers, alongside steady deal flow from continental markets as studios and support companies sought strategic buyers. Japan accounted for around 7% of sellers, while broader Asian markets—including East and Southeast Asia—continued to gain relevance, reflecting growing international interest in regional IP, mobile expertise, and cost-efficient development capabilities.