Merger value is frequently evaluated in single market contexts without considering possible gains stemming from firms … multimarket firms create incremental value. We establish a simple theoretical model that determines merger value in a multimarket … firm environment. The model enables us to derive merger values as being independent of post-merger market shares, but …

set of industries. We exploit expert market definitions from the European Commission's merger decisions to identify … particularly pronounced in markets with few players, high initial markups and concentration. We also provide evidence that merger … rivals reduce their employment, sales and investment, while their profits increase around the time of a merger. …