Change is rapidly transforming the higher education market in the United States. Driven by declining birth rates following the 2008 Great Recession, a looming "demographic cliff" in 2026, growing student skepticism about the value of a college education, and stagnant public funding for higher education are creating significant challenges. The market is already reacting, with closures dominating the headlines. A recent Washington Post headline, "Colleges are now closing at a pace of one a week." However, mergers are emerging as a potential alternative to closures. The Washington Post article lists five mergers announced during the 2023-24 academic year. This study addresses a gap in the existing research by concurrently analyzing operational and economic factors influencing the recent increase in higher education institution (HEI) merger transactions. Prior studies have primarily analyzed these factors in isolation. This study identifies key variables driving the recent rise in HEI mergers by employing a probit regression model with ten years of longitudinal data from IPEDS. Understanding these factors can inform strategic decision-making for HEI leaders, potentially leading to mergers that can strengthen the future of higher education and preserve student access. The study identified six factors contributing to the current wave of mergers: tuition dependency, institution size, declining enrollment, student retention, and sufficient available net assets to support operations. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://bibliotheek.ehb.be:2222/en-US/products/dissertations/individuals.shtml.]