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.


< back

© 2017 PwC. All rights reserved.
PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.