“…According with Gual and Jodar-Rosell (2007) the process of technological change, coupled with regulatory changes produced after the liberalization of the sector, explains much of merger developments since the late nineties and it is expected that both factors are also crucial in determining future operations. The typical conflict between regulation, competition and investment emerges, and it has been deeply analyzed in the telecommunication literature (for a revision Blum et al 2007, and also Gual and Trillas, 2006;Gual and Waverman, 1998;Amstrong and Sappington 2006;Evans, et al, 2008;Huigen and Cave, 2008) Specifically in telecommunications M&A, the reasons usually given to justify these operations are (Warf, 2003, Lee, et al, 2008Nam, et al, 2005): globalization, deregulation, technological changes, economies of scale and scope and tax environment (especially in the case of United States). These fully coincide with the justifications usually identified in the theory of mergers and acquisitions; additionaly for telecommunications some other particular reasons are mentioned in the literature: network externalities or network effects that invite to the operators to increase size and clients (Katz and Shapiro, 1985;, Chen and Jinhong, 2007), technological agility (Rosenkopf and Schleiche, 2008) as this is one of the industries characterized by a high level of competitiveness and short innovation cycles, and the seizures that this sector has suffered; Akdogu (2009Akdogu ( , 2011, studying telecommunications M&A, remember that there is a recent trend in the literature on mergers and acquisitions relating them to industry shocks, showing evidence that reinforce the idea of that acquisitions can be an efficient reaction to economic change..…”