Business combinations have become a global trend of large companies. The transportation industry has also taken over business models of external growth through business combinations, particularly acquisitions, as well as many other industries. Croatia has a favorable transport system and the connection of the whole of Croatia has been established. A key factor in the development of road passenger transport is a good geographical location, and Croatia is also successful tourist country. This is the reason for the increasing expansion and takeover of small and large carriers. More and more foreign carriers recognize the quality and start operations on Croatian territory. Large transport companies are beginning to take over the majority of the Croatian market, and the state is helping them by introducing laws that do not favor domestic carriers, and they are left without a market. For this reason, most small carriers decide to acquire with large carriers. It is in the interest of transport companies to implement business combinations with the aim of increasing the availability and competitiveness of intercity line transport. The focus of the research is the operations and business combination of the largest and most successful Croatian passenger carrier Autotrans d.d., which operates within the Arriva Group. After the conclusion of strategic contracts in Dalmatia, the company's liquidity increased, and with the final merger and its completion, the company's economy significantly improved. The paper describes business combinations of companies in other markets and analyzes differences in business as a result of business combinations. Major differences in operations resulted in combinations when the company was the target of takeovers, and fewer differences that are manifested mainly in the increase of liquidity, when the company was the acquirer.