Many mergers and acquisitions ultimately failed because of inadequate control of transaction costs.

很多企业并购因为交易成本控制不力而导致并购最终失败。

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When this ultimately failed (having held back the entire industry), it became fashionable to predict that operators would end up as "dumb pipes"—simple data conduits that do not add much value.

当这种模式最终失败后（这让整个行业停滞不前），流行的预测是运营商将会最终成为”沉默的管子“——仅仅是数据流经的管道而不带来多少附加值。

youdao

When this ultimately failed (having held back the entire industry), it became fashionable to predict that operators would end up as "dumb pipes"—simple data conduits that do not add much value.

当这种模式最终失败后（这让整个行业停滞不前），流行的预测是运营商将会最终成为”沉默的管子“——仅仅是数据流经的管道而不带来多少附加值。

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