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This article studies the spatial evolution of mergers and acquisitions (M&amp;A) in Canada to investigate the path dependence process of corporate control geography. The analysis is based on network analysis and quadratic assignment procedure (QAP) regression models for transactions of more than C$5 million between 1994 and 2016. The results indicate that the geography of economic decision-making is highly path-dependent, and that Toronto, Montreal, Vancouver, and Calgary are the main destinations of M&amp;As. However, Winnipeg and Guelph have emerged as new power centers.

The evolution and trajectories of the geography of mergers and acquisitions: A city network analysis for Canada, 1994–2016