> My understanding is that the vast majority of these M&A destroy capital. It'd be interesting to see whether the modern tech industry is an anomaly with regar

> My understanding is that the vast majority of these M&A destroy capital. It'd be interesting to see whether the modern tech industry is an anomaly with regards to this longstanding pattern. In particular, I wonder there's an exception for the typical acquisition of smallish, fast growth startups by a tech giant who can generate synergies by quickly integrating the tech on to their platform. Historically these types of acquisitions wouldn't show up in the M&A literature, because the targets are private companies, and the standard estimation techniques rely on public equity returns.