Consolidation/merger is almost always about keeping or increasing revenues, while cutting costs (incl. layoffs). It’s the “have your cake and eat it too” of corporate strategy.

From the consumer’s point of view, there is usually less competition later, meaning prices often increase or quality drops.

For employees of that industry, less options to find other jobs.

I worked on a giant merger few years ago, left before the closing. Talking to colleagues, everything is more chaotic now, multiple leadership and direction changes, quality issues, more customer complaints.

This is of course just my experience, but there is a lot of data how most mergers lack to deliver the long-term value that was expected of them: https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/a-mckinsey-perspective-on-creating-transformational-value-from-mergers

My conclusion after a decade in management and consulting roles is that big mergers should be much more regulated, and very rarely allowed.