CHICAGO -- Mergers and acquisition activity in the electronics manufacturing services sector slowed in 2017 a new report says. 

Twenty-one transactions were completed in 2017, down from 26 in 2016, investment bank Lincoln International said.

By transaction, there were seven consolidations, seven vertical/horizontal convergences, one divestiture and one diversification into EMS, and five private equity deals.

In 2016, there were nine consolidations, eight vertical/horizontal convergences, five divestitures and two private equity deals in 2016. There was one transaction categorized as diversification into EMS and one transaction categorized as an OEM divestiture in 2016.

According to Lincoln International, nine of the deals were completed in Europe, six in North America, one in Asia, and five cross-border.

Small-tier companies were involved in 13 acquisitions, mid-tier in five acquisitions, and large-tier in three.