In the first half of 2025, the US remained a dominant force in Online-Offline Commerce M&A, with 32% of sellers headquartered in the country. The United Kingdom followed with 12%, while Germany accounted for 6% and India, France, and Canada each contributed 4%. 

US-based buyers also led M&A activity in the sector, accounting for 43% of transactions. The United Kingdom followed at 7%, with Canada contributing 6% and Germany representing 5%. Other international buyers, captured in the 'Rest of World' category, made up 26% of the 162 total deals.