Global expansion through acquisition is usually expensive, and expansion through internal growth is time-consuming and sometimes impossible in markets that are not actively growing.

通过收购实现全球扩张通常代价高昂，而通过内部增长实现扩张则非常耗时；在那些没有积极增长的市场上，实现扩张有时甚至是不可能的。

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If a company achieves growth through internal expansion or acquisition, it is considered as being accretive.

如果公司的增长是通过内部扩张或外购，则该增长被称为增值性。

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Telecoms incumbents, keen to grab a slice of the action, tried to turn themselves into global operators through the expansion of their existing networks and the acquisition of foreign firms.

ECONOMIST: Telefonica looks to Europe | The