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  "documentTitle": "Mergers and Acquisitions in LatAm: Evolution and prospects",
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  "notes": "Slide contains a list of specific M&A examples for Corporate, PE, and VC categories.",
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      "text": "In 2022-2023 there was a downturn in transaction volume – reaching its lowest volume in a decade – driven by inflation, interest rates and supply chain challenges and sector specific impacts in Technology and Healthcare.",
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      "text": "Despite a challenging year for M&A, there are still relevant deals carried out by PE, VC and corporate transactions (non-exhaustive): Corporate, PE, and VC examples provided.",
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      "text": "Corporate transactions have lost significant share (-12 p.p.) in the past decade as investment funds gained relevance. Venture Capital played a key role in the 2020-21 market boom. PE reached its peak in 2021 (14% of transactions).",
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      "text": "In 2023, Industrial and chemical products showed to be a more resilient sector and became the second most relevant sector, averaging at 40-50 deals since 2020",
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      "text": "Tech., Media and Telecom. (TMT) has been the most relevant sector for M&A in Brazil since 2016, and sustained its position in 2023, representing 30% of all transactions; however, despite the great volume, these are usually lower value transactions",
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      "text": "Volume of M&A transactions in Brazil reached its peak in 2020-2021, after an upwards trajectory since 2018, driven by heightened confidence due to perceptions of diminishing country risk and positive economic trends",
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      "text": "TMT, healthcare and real state were the key sectors driving this growth, while other sectors remained stable. TMT saw a 116% growth in transactions in 2021 vs. 2013 (+122 deals) while healthcare increased 185% (+65 deals).",
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