ادغام و هم افزایی: درسهایی از تاریخچه مخابرات معاصر

Using contemporary historical data, the analysis reported in this article has evaluated the impact of the various mergers of the local exchange companies that took place between 1988 and 2001 on financial performance. Performance was measured using an important metric normally used to measure synergies of firms undergoing mergers. The analysis has revealed that the relative cash flow variable for firms worsened after mergers. If the synergy motive had been primary in influencing merger decisions, and also approvals, then the past mergers approved led to decreased performance levels and corresponding welfare losses for American consumers; thus, the mergers of communications common carriers were not in the interest of the public, the shareholders and customers. On the other hand, given the negative outcomes, views that the quiet life, hubris or a quest for possible market power motivated the mergers could be discarded. The lessons of such contemporary historical analysis have suggested that antitrust oppositions to contemporary telecommunications sector mergers may have basis in fact and salient evidence.

During the past two decades, mergers in the information technology and the telecommunications sectors have defined the overall merger landscape. These have been the largest, priciest and possibly the most exciting mergers of recent times. Take the list of mergers given in Table 1. These mergers defined the merger wave of the late 20th century. Collectively, these mergers were valued well over $1.2 trillion. Recently, the merger of the T-Mobile's United States operations with AT&T, in a deal valued at $39 billion, has come in the news. After permitting numerous mergers in the industry to occur, including the last big merger of AT&T with Bell South, in early 2007, the Antitrust Division of the United States Department of Justice has opposed the AT&T takeover of T-Mobile's operations in the United States.

Using comprehensive contemporary historical data, the impact, on financial performance, of all of the mergers of the local exchange companies that took place between 1988 and 2001 in the sector was evaluated. If market power acquisition had not been the merger motivations, or if hubris may not have underlain the entire merger process, significant improvements in measures of performance would have been observed. If hubris or market power acquisition were the motivations, these improvements would not be noted. Based on considerable contemporary historical data, the analysis revealed declines in performance following mergers, and expected post-merger synergies were a mirage. Expectations that the local exchange mergers would have led to increased performance remained unfulfilled, and the mergers of communication common carriers may not have served the public interest well. In the light of the lessons from these findings, the opposition of the Antitrust Division of the Department of Justice to the proposed AT&T and T-Mobile merger could be justified.