The top 10 conglomerates in Korea acquired 98 companies through mergers and acquisitions over the past five years, data showed Monday.

According to Chaebul.com, there were a total of 592 affiliate companies under the conglomerates as of July 2015.

Of them, 98 were added through mergers and acquisitions since 2010, comprising 16.6 percent of all affiliates.

Lotte Group acquired the most affiliates, having acquired 19 companies during the five years.

GS Group acquired 15 companies in the same period while LG Group gained 14 firms.

Experts said that while mergers and acquisitions reduce risk and the time it takes for a company to grow, large companies should not try to reach out to too many industries using mergers and acquisitions in the name of business diversification.