Our Leading Research on M&A

We have conducted a new study of mergers & acquisitions in 2011. Having studied 320 transactions across eight industry sectors (chemicals, consumer staples, electric utilities, healthcare, industrials, information technology, media, and retail), we conclude that deals made with a capabilities perspective produce annual returns a full 12 percentage points higher than acquisitions with limited capabilities fit. Even during the difficult years since the 2008 economic crisis, deals linked to a capabilities-driven strategy have tended to increase shareholder value for the acquiring company – while most other inorganic moves have led to a loss of value. All industries we studied show a consistent, observable capabilities premium in M&A.


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