[Mette Nymand]

Measuring M&A Success Beyond Synergies

Cost and revenue synergies are often the primary metrics used to evaluate an acquisition. However, these measures typically focus on the first 12–24 months after closing and may not reflect whether the deal ultimately created lasting value.

Three to five years after an acquisition, what should companies use to determine whether the transaction was truly successful?

Some possible measures include:

Sustainable revenue growth
Total Shareholder Return (TSR)
EBITDA or margin improvement
Market share gains
Innovation and new product development
Customer retention and satisfaction
Employee retention and engagement
Strategic capabilities gained through the acquisition

In your experience, which KPIs provide the best indication of long-term M&A success? Have you seen organizations move beyond synergy targets to a more holistic definition of deal success? And if so, what metrics have proven most valuable?

I’m interested in hearing both academic perspectives and practical experiences from recent transactions.

[Author]

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