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  "documentTitle": "Mergers and Acquisitions in LatAm: Evolution and prospects",
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  "authorName": "L.E.K.",
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  "notes": "Slide 26 of an L.E.K. deck.",
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      "text": "Corporate account for most of the transactions, but VC has gained relevance in the region in the past 2-3 years. Colombia’s startup and entrepreneurship ecosystem stands out compared to the other countries of the section, leading to a larger relevance of VC investments in the country (20-40% since 2020). In Chile, VC has maintained a 15-30% relevance since 2018 as PE has been limited to up to ~15%. In Argentina, Corporate has remained 70-90% of the number of transactions given macroeconomic dynamics that hinder PE and VC involvement. In Peru, Corporate has also steadily remained 70-90% of transactions with limited PE and VC involvement.",
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      "text": "Volume of M&A transactions has decreased in all the countries from 2021 onwards, as an unfavorable economic perspective hindered investment decisions. Global economic stagnation and geopolitical conflicts have also impacted these countries. The Covid-19 pandemic impacted M&A activity in 2020 in all the countries of the section, and apart from Peru, economies have bounced back, with number of deals recovering in 2021. The political uncertainties in these countries have also played an important role in M&A activity, especially in 2019, when the Argentinian presidential election and the constitutional crisis in Peru diminished investments in those countries. Colombia has a potential healthcare reform, that impacted the recent number of deals and could be an obstacle moving forward.",
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      "text": "Sectors linked to natural resources are the main sectors for M&A activity in these countries, yet other sectors has been growing in relevance. Mining sector is the most representative sector in Peru, which is a global leader in copper and silver production. In Argentina, the mining sector has stood out as global demand of lithium has risen in recent years, even though oil and gas is still relevant. Colombia has seen an increase in number of transactions from healthcare, TMT, and consumer goods combined with a decrease in deals from sectors linked to natural resources, the historical leading sector.",
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      "text": "Volume of transactions has also decrease in other countries, with sectors linked to natural resources being the main sectors for activity",
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