How common are killer acquisitions in tech and are there alternative theories of harm that are likely to arise more frequently? We apply a set of filters to 409 acquisitions by the “GAFA” between 2009 and 2020 to identify transactions where the target firm could have plausibly threatened the acquirer’s “core” business and the valuation was large enough to plausibly mask a market power premium. We find that at most 14 percent of reviewed transactions pass these filters and conclude that
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