Due diligence for assets that are changing underneath the deal
Why commercial, operational and technology diligence must increasingly test future scenarios rather than validate historical performance.
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M&A strategy
Shape M&A strategy from portfolio rationale and target priorities through diligence, value creation and integration.
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Articles
Integration is where the deal thesis gets tested
How post-merger operating choices, synergy discipline and organizational readiness determine whether expected transaction value reaches performance.
Read articleFocus
Build, partner or buy is a choice about control, speed and strategic dependence
Different routes create different economics, ownership rights, capability requirements and long-term constraints.
Synergies matter only when they can be tied to specific operating changes
Cost and revenue assumptions become credible when owners, actions, timing and dependencies are explicit before integration begins.
Strategic challenges
What must be disentangled before the business can stand on its own?
The challenge is separating shared dependencies without disrupting operations or creating an unsustainable standalone cost structure.
Which targets genuinely fit the acquisition thesis?
The challenge is narrowing a broad universe using criteria tied to strategy, economics, capability and transaction feasibility.
POV
Buying a capability is not always the smartest way to access it
Ownership should be justified by strategic necessity, not by the assumption that control automatically creates more value.
Most failed deals were not unknowable; they were insufficiently challenged
The discipline is to attack the investment case before the market, integration or balance sheet does it later.
Strategic impact
A clear deal thesis defines the economic and strategic logic before valuation dominates
Explicit assumptions make it easier to test fit, alternatives and the conditions required for the acquisition to create value.
A clear consolidation thesis defines where successive deals can reinforce one another
Explicit scale and capability logic helps buyers distinguish coherent platform building from opportunistic asset accumulation.
What we observe
Companies often hold weak-fit assets because exit feels like admitting failure
Historical investment and managerial attachment can delay decisions long after strategic logic or ownership advantage has disappeared.
Synergy plans often count value before anyone owns the actions required to create it
Headline targets can survive diligence while operational accountability, timing and implementation cost remain poorly defined.