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Merger waves refer to periods characterized by a significant increase in merger and acquisition activity within a specific industry or across the economy. These waves often occur in cycles, driven by factors such as economic conditions, technological advancements, regulatory changes, and market trends. Each wave can vary in duration and intensity, often reflecting the prevailing business environment and investor sentiment. Historically, merger waves can be linked to both periods of economic expansion and downturns, as companies seek consolidation for growth or survival.

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