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.
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Target screening should begin with acquisition criteria, not company databases
A useful radar translates strategic priorities into observable characteristics that distinguish relevant targets from merely available ones.
Buy-and-build works only when scale creates more than a larger collection of assets
The strategy depends on whether acquisitions can improve economics, capabilities, market position or operating leverage across the platform.
Strategic challenges
Does the deal remain strategically compelling after the assumptions are challenged?
The challenge is testing acquisition logic independently of valuation, process momentum and management enthusiasm.
Where does M&A genuinely improve the portfolio?
The challenge is identifying where acquisition changes strategic position faster or better than organic investment, partnership or exit.
POV
A long target list usually means the acquisition thesis is still too loose
Good screening should eliminate most companies quickly; selectivity is a sign that strategy is doing its job.
A full acquisition pipeline is not evidence of an M&A strategy
Strategy exists when leadership knows what it wants to own, why ownership matters and when the right answer is not to transact.
Strategic impact
A structured build-partner-buy view makes strategic alternatives comparable
Assessing control, speed, economics and dependency helps leadership avoid defaulting to acquisition when another route is superior.
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
Cross-border deals often price the asset before pricing jurisdictional complexity
Foreign ownership rules, integration limits and political exposure can alter value even when the target itself remains attractive.
Integrations often prioritize visible organizational changes over value-critical dependencies
Reporting lines can change quickly while customer, technology and operating issues that determine deal economics remain unresolved.