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  "documentTitle": "Education: 2022 M&A Deal Roundup and Trends to Watch Out for in 2023",
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  "notes": "The chart is a stacked bar chart comparing two categories (Developed vs Developing) with sub-segments representing different education sectors.",
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      "text": "Test prep and tutoring (about 46%), higher education (15%), and K-12 (11%) have driven investments in developing markets, whereas segments like adult and corporate training (27%), publishing (about 15%) and education services (about 15%) have dominated developed markets during 2020-22",
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      "text": "Only disclosed transaction values have been considered for the analysis; only includes transactions meeting the Mergermarket 'regular inclusion criteria'; **Not exhaustive; only countries classified as 'high income' by the World Bank for Fiscal Year 2023 are considered 'developed'. Note: ROI= return on investment. Source: Mergermarket data, L.E.K. research and analysis",
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      "text": "Developed countries: Education services and lifelong learning drive investment; Adult training driven by upskilling needs; Publishers seeking digitization; Digital transformation post-pandemic.",
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      "text": "Developing countries: constant investment in education due to subpar quality of formal institutes; K-12 driven by lack of public provision; Higher Ed driven by ROI; Test prep driven by competitive exams.",
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