1999 to 2012. Mergers follow the business cycle, falling after the 2001 recession, peaking in 2007 as the Great

Recession struck, and then rising since 2009. The right-hand panel of Figure 11.2 (b) shows the distribution of

those mergers submitted for review in 2015 as measured by the size of the transaction. It is important to

remember that this total leaves out many small mergers under $50 million, which companies only need to

report in certain limited circumstances. In 2012, 26 percent of all reported merger and acquisition

transactions exceeded $500 million, while 11 percent exceeded $1 billion.

FIGURE 11.2 Number and Size of Mergers (a) The number of mergers grew from 2003 to 2007, then fell

dramatically during the 2008-2009 Great Recession, before recovering since. (b) In 2012, the greatest number of

mergers submitted for review by the Federal Trade Commission was for transactions between $100–$150 million.
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