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      "text": "FGA acquisitions have represented only a small proportion of global technology M&A, with typical FGA deal values below four percent of the total.",
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      "text": "FGA acquisitions as a % of technology M&A deal value: 1.0%",
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      "text": "While usually small in relative terms, FGA on average dedicate ~$2BN to acquisitions with appetite for larger deals where strategically attractive. FGA activity provides an additional exit option for early stage investors in the sector. Facebook's $2BN acquisition of Oculus in 2014, for instance, provided a fast and lucrative exit opportunity for its venture capital backers such as Andreessen Horowitz.",
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      "text": "Note: Deal value excludes Amazon's 2017 acquisition of Whole Foods. Source: Facebook, Google and Amazon annual reports, Thomson Reuters Eikon, Oliver Wyman analysis",
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