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Intelligent M & A: Navigating the Mergers and Acquisitions Minefield, 2nd Edition by Scott Moeller, Chris Brady

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CHAPTER 10Post-Deal Integration

An M&A deal does not end with the completion of the transaction at closing, although very often that is when the public attention to the deal from outside the company largely disappears. It may therefore seem to outsiders that the deal is complete, but in most cases the closing of the deal is only the start of the truly hard work of making the newly formed company work.

In fact, once the deal is closed, post-deal integration is the only, and last, step responsible for realizing the value that was planned from the start. Therefore, the success of the previous phases (strategic planning, financial analysis, deal structuring, and negotiation) will typically depend upon a robust and dynamic post-deal integration plan and the successful implementation of that plan. As told to us by Giuseppe Monarchi, Managing Director and Head of Investment Banking and M&A Europe at Credit Suisse, “I feel that the well-known 7-Ps British Army adage [Proper Planning and Preparation Prevents Piss Poor Performance] applies very much to M&A, although I prefer to use the simpler 4Ps: preparation prevents poor performance.”

M&A is a means to an end – not just an end in itself. For companies using M&A as a tool to accomplish corporate objectives, post-deal integration should be carried out carefully with focus from the top of the organization and sound execution throughout. Unfortunately, in many deals the focus is exclusively on completing the deal and not enough attention is ...

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