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Both also sought mergers to gain scale.
The deal heightened expectations of more tech mergers to come.
Boutiques, on the other hand, can rely on smaller mergers to pick up the slack.
Leaving mergers to the market may sound risky, especially to governments with an interventionist bent.
Both also rode successive mergers to be leaders at their companies.
Even with sound balance sheets, Europe's steel companies have struggled and have used mergers to survive.
The rest will go on growth plans, from mergers to installing new computer systems.
This round of closings and mergers, to take effect on Jan.
"In the private sector you have bolt-ons, M&A, mergers to bulk up," she says.
But it will take a lot more and bigger mergers to start saving real money.
But paradoxically, these three mergers to increase power reveal a sector that is also vulnerable.
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