https://www.sciencedaily.com/releases/2018/06/180605083037.htm

The study also found that the new company's market share ended up being greater than the market share of the two merged companies combined.

"The increase in firm value post-merger may be chiefly attributable to improved efficiencies as opposed to market power," said Anindya Sen, co-author and professor of economics at the University of Waterloo. "Firms are realizing synergies from mergers which benefit all stakeholders. Consumers are not necessarily paying higher prices, and investors are gaining through holding the stocks of such firms in their financial portfolios."