Purpose

The purpose of this paper is to enlighten the intriguing process of industry asset consolidation. It is critical for firms to manage their business acquisitions strategically for survival in this industry life cycle process, which develops through multiple company mergers. The companies extensively acquiring industry assets have utilized acquisition programs consisting of both pre-acquisition strategizing and post-acquisition integration; however, the existing literature on acquisition programs focuses on post-acquisition integration activities. This study aims to bridge this gap.

Design/methodology/approach

This study focuses on pre-acquisition strategizing of acquisition programs and proposes a model in which an acquiring company could manage its acquisitions for industry asset consolidation over the industry evolution.

Findings

Empirically, in the multi-case study of telecommunications infrastructure companies, the authors collect an extensive set of archival records accumulated over the whole industry life-cycle, spanning more than 30 years, and they apply a qualitative data analysis to reveal strategic actions within the companies.

Research limitations/implications

The discoveries elaborate on activities comprising the acquisition process model: social legitimacy, strategic alignment, resource fulfillment, consolidation pursuit and merging.

Practical implications

The counterintuitive findings are that the companies strived to ensure legitimacy early in the telecommunication infrastructure markets before they reached strategic alignment with their owners.

Originality/value

The results extend the understanding of industry asset consolidation as an organization-level phenomenon and show how contextual factors connected to industry life-cycle phases, such as regulatory regimes and financial cycles and industry evolution, influence the attributions of an acquisition program.

中文翻译：

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行业整合作为一种战略：收购计划的视角

目的

本文的目的是揭示行业资产整合的有趣过程。对于公司来说，战略性地管理其业务收购对于在这个通过多家公司合并发展起来的行业生命周期过程中生存至关重要。广泛收购行业资产的公司采用了包括收购前战略制定和收购后整合在内的收购计划；然而，关于收购计划的现有文献侧重于收购后的整合活动。本研究旨在弥合这一差距。

设计/方法论/途径

本研究重点关注收购计划的收购前策略，并提出了一种模型，收购公司可以在该模型中管理其收购，以便在行业发展过程中进行行业资产整合。

发现

根据经验，在电信基础设施公司的多个案例研究中，作者收集了整个行业生命周期中积累的大量档案记录，时间跨度超过 30 年，并应用定性数据分析来揭示电信基础设施公司的战略行动。公司。

研究局限性/影响

这些发现详细阐述了收购过程模型的活动：社会合法性、战略调整、资源履行、整合追求和合并。

实际影响

违反直觉的调查结果是，这些公司在与所有者达成战略联盟之前，就努力确保电信基础设施市场的合法性。

原创性/价值

结果扩展了对行业资产整合作为组织层面现象的理解，并显示了与行业生命周期阶段相关的背景因素（例如监管制度、金融周期和行业演变）如何影响收购计划的归因。