Economists know two big facts about mergers. On the upside, size can bring economies of scale. Larger companies can deploy their network to produce goods and services more efficiently.

On the downside, monopoly isn’t just an infuriating board game. When companies control a market, they tend to cut back output and raise prices. There’s a reason that much of corporate strategy is devoted to keeping competitors out: when you’re the only player, the game looks a lot sweeter.