Consolidation or single point of access.

合并或单一访问点。

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In the simple case, consolidation or single point of access and substitution become more or less the same.

在简单的情况下，合并或单一访问点和替换或多或少有些相同。

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Many deals are in sectors undergoing heavy consolidation from a starting point of hundreds of small, regional players, such as in the cement and steel sectors.

许多交易发生在进行大规模整合的行业，这些行业存在着数以百计的小型地方企业，比如在水泥和钢铁业。

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"It seems like we're due for a consolidation at some point, but what we saw was awfully mild, " said Brian Lazorishak, portfolio manager and quantitative analyst at Chase Investment Counsel.

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Their point: consolidation of sports agencies, resulting in more top picks being represented by fewer industry rep houses, tempts them to play one client against another in negotiations.

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"From a sector point of view, what often drives consolidation in a sector is the need of bigger companies to grow, " Novarro says.

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