The number of mergers and acquisitions in the Netherlands increased to 647 last year, a 12% gain over 2015, according to accountancy firm KPMG, website Nu.nl reported on Monday.

The figure is based on KPMG’s own research and shows the rise in the Netherlands was far higher than the rest of Europe which averaged at 6%. In global terms, there was a 1% rise, KPMG said.

‘The recent elections in the Netherlands confirm that the country is seen as stable and a good place in which to do business,’ said Danny Bosker partner of KPMG Corporate Finance. He added that ‘a lot of deals’ were currently in the pipeline.