Over the last decade, digital markets have become increasingly concentrated, not only because of their specificity, which makes them prone to the well-known “winner-takes-all” effect, but also due to mergers and acquisitions. Evidence-based analyses have proven that over the last few years, Big Tech has systematically been involved in mergers and acquisitions operations all over the world. 1. Many Acquisitions of Young Firms Indeed, from 2008 to 2018, Amazon, Facebook and Google concluded 299 operations. The pace of these operations is such that Amazon, Facebook and Google averaged 5,6 and 15 mergers and acquisition deals per year respectively. In particular, most of these transactions were not horizontal and targeted very young businesses that were typically no older than 4 years old
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