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Although many major, blockbuster mergers and acquisitions (M&amp;As) in the telecommunications industry have attracted much attention from both the popular press and the media economic research community, small M&amp;A deals in fact constitute the vast majority of business expansion activities in the telecommunications industry. Utilizing the data obtained from the Zephry database for over 2500 M&amp;A cases involving U.S telecommunications companies, this study compares small and large blockbuster M&amp;As in several aspects and analyzes whether several factors that have been shown to influence valuation of large M&amp;As tend to affect small M&amp;As to the same extent. According to the regression analysis, those factors, including financial market dynamics, M&amp;A activity momentum, types of business expansion, and the involvement of foreign companies, influence the valuation of both small and large M&amp;As. However, the direction and magnitude of the influences are quite different among small M&amp;As.

Drivers of Mergers and Acquisitions in the Telecommunication Industry: The Differences between Blockbuster and Small M&As