The year 2021 posed significant challenges for the business world in Indonesia due to the ongoing pandemic and relentless globalization trends. This research aims to evaluate the financial performance of companies before and after mergers & acquisitions to understand the impact of these strategic moves on their financial performance. The sampling technique used in this study is purposive sampling. Three samples, namely PT Indosat Ooredoo Hutchison, Smartfren Telecom Tbk, and XL Axiata Tbk, met the criteria as observation units. The method of analysis employed is both parametric and non-parametric data analysis tests. The results of the study indicate significant differences in financial ratios before and after mergers & acquisitions, particularly in Total Asset Turnover (TATO), Return on Assets (ROA), Return on Equity (ROE), Net Profit Margin (NPM), and Earnings Per Share (EPS).
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