How 79 acquisitions were integrated, and how each ended

“The acquisition stood and led to Samsung funding DRAM and reaching the 64K milestone by 1983.” (record)

• How it was integrated: Absorbed into the buyer. “The forgotten business resurfaced in 1979, when Samsung Electronics absorbed Samsung Semiconductor.” (koreatimes.co.kr)
• Pace: Slow. “In 1974, it acquired a 50% stake in Korea Semiconductor Co., Ltd. The acquisition of Korea Semiconductor Co., Ltd. was completed in 1977. In 1978, Korea Semiconductor Co. was renamed Samsung Semiconductor Co.” (baike.baidu.com)
• What the deal case counted on: Revenue and growth. “Lee Kun-hee had recognized this dependency — no transistors, no electronics — and saw room for growth in the industry.” (koreatimes.co.kr)

“Sears divested the financial services empire in 1992 under activist pressure.” (record)

• How it was integrated: Kept separate, with its own management. “Sears will pay $607 million in cash and stock to merge Dean Witter into an autonomous subsidiary.” (upi.com)
• What the deal case counted on: Revenue and growth. “The trust that the public places in these two great names and institutions will bring a new dimension of service to the 36 million families who are regular Sears customers.” (upi.com)
• The buyer's deal experience: Rare acquirer. “For Sears, the Dean Witter takeover bid reflects its aggressive and sweeping thrust into the financial services and real estate sector.” (upi.com)

“Kodak dismantled and sold Sterling for over $7 billion, undoing the acquisition six years later.” (record)

• How it was integrated: Kept separate, with its own management. “Sterling, whose products include Bayer aspirin, Phillips' Milk of Magnesia, Stri-Dex skin cleansers and Lysol cleaners and disinfectants, will operate as a subsidiary of Kodak, the companies said.” (upi.com)
• The acquired company's leaders: Stayed. “Kaska said the company planned 'no immediate changes concerning management.'” (upi.com)
• What the deal case counted on: Revenue and growth. ““The merger immediately provides the worldwide drug registration and marketing infrastructure that we have sought to bring Kodak’s discovery efforts closer to the marketplace,” Kodak Chairman and Chief Executive Colby H. Chandler said in a statement.” (latimes.com)
• The buyer's deal experience: Rare acquirer. “Over the past four years, Kodak has invested in several biotechnology firms to reduce its dependence on cameras and film, but Friday’s agreement accomplishes this diversification for Kodak in a big way.” (latimes.com)

“Sony kept the entertainment assets through crisis years and they became about 61% of sales.” (record)

• How it was integrated: Kept separate, with its own management. “Sony immediately pledged to put the 65-year-old movie and TV studio in the hands of Sony’s U.S. subsidiary and to “keep it as independent as possible, as a full-fledged member of the U.S. film industry.”” (latimes.com)
• Culture, as reported: Described as different or clashing. “Strategic management differences between American and Japanese companies pose potential pitfalls for these alliances.” (academia.edu)
• The acquired company's leaders: Left. “Columbia’s two top executives, President and chief executive Victor R. Kaufman and chief operating officer Lewis Korman, will leave the company when the sale is completed, Columbia said.” (latimes.com)
• What the deal case counted on: Revenue and growth. “The purchase of the studio “extends Sony’s long-term strategy of building a total entertainment business around the synergy of audio and video hardware and software,” said Michael P. Schulhof, vice chairman of Sony Corp. of America, in a statement.” (latimes.com)
• The buyer's deal experience: Regular acquirer. “He noted that employment has increased at CBS Records since Sony purchased it from CBS Inc. early last year for $2 billion.” (latimes.com)

“By 2005, Seven-Eleven Japan bought out the remaining minority and folded 7-Eleven, Inc. into a wholly owned subsidiary under the newly formed Seven & i Holdings.” (record)

• How it was integrated: Kept separate, with its own management. “Ito Yokado said the 7-Eleven buyout is different from other Japanese purchases in that it is based on a long working relationship with Southland and represents and effort to preserve the tradition of 7- Eleven” (upi.com)
• The acquired company's leaders: Stayed. “Clark Matthews, Southland’s chief financial officer, became the firm’s chief executive with the consummation of the deal, which transferred control of the company from the Dallas family that founded it in 1927.” (latimes.com)
• The buyer's deal experience: Rare acquirer. “MarchAcquisition of 69.98% of shares of The Southland Corporation.” (7andi.com)

“The acquisition became a permanent dominant franchise and set a repeated acquisition pattern across decades.” (record)

• How it was integrated: Absorbed into the buyer. “The goal is to be smoothly shipping the acquired company's products under the Cisco label by the time the deal is officially closed, usually in three to six months.” (strategy-business.com)
• Pace: Fast. “Companies are evaluated, approached, acquired and integrated with remarkable speed and efficiency, given the usual legal and cultural complexities surrounding such deals.” (strategy-business.com)
• Culture, as reported: Described as similar. “The profile for a target acquisition is bounded by a clear set of guidelines: a company must be fast-growing, focused, entrepreneurial, culturally similar to Cisco and geographically desirable.” (strategy-business.com)
• The acquired company's leaders: Stayed. “Mario Mazzola and Jayshree Ullal joined Cisco from Crescendo, and both were instrumental in building Cisco’s switching business into the $15 billion behemoth that it is today.” (networkworld.com)

“The domicile change was tied to a multi-billion acquisition and became the group's legal and supervisory center for decades.” (record)

• Pace: Slow. “HSBC Holdings plc acquired full ownership for GBP3.9 billion in 1992. It was one of the largest deals in banking history at the time. Midland was renamed HSBC Bank plc in 1999.” (history.hsbc.com)
• The buyer's deal experience: Regular acquirer. “HSBC has pursued its strategy through an aggressive series of acquisitions, and its strategy in North America may prefigure its strategy for Europe and South America.” (researchgate.net)

“The bolt-on entry took eight years and a billion-dollar loss to unwind by selling to Metro AG.” (record)

The reporting found does not say how this deal was integrated.

“announcing in August 2021 that Tropicana and its siblings would go to private-equity firm PAI Partners for roughly $3.3 billion in pre-tax proceeds, with PepsiCo retaining a 39% non-controlling stake” (record)

• What the deal case counted on: Revenue and growth. “At the time, the acquisition was seen as a chance for the New York-based soda and snack giant to compete head-to-head on another front with its rival Coca-Cola, which owns Minute Maid.” (fooddive.com)

“In the first quarter of 2002, AOL Time Warner took a $54 billion noncash pretax charge for the impairment of goodwill, substantially all of it created in the merger itself” (record)

• How it was integrated: Absorbed into the buyer. “After an extensive regulatory review, the merger closed on January 11, 2001, with both companies being consolidated into AOL Time Warner.” (en.wikipedia.org)
• The acquired company's leaders: Stayed. “The failure of the merger between these two opposites, ending in the ultimate ascendancy of Time Warner executives, is instructive.” (scholarship.law.slu.edu)

“The acquisition stood but was materially unwound through massive impairments and piecemeal divestitures.” (record)

• Culture, as reported: Described as different or clashing. “The fight became a referendum on German stakeholder capitalism versus Anglo-American shareholder primacy.” (ibinterviewquestions.com)
• The acquired company's leaders: Left. “A few days after the announcement of the final takeover deal, it became public that the Mannesmann chair, Klaus Esser, will give up executive responsibilities with a "golden handshake" worth nearly DEM 60 million.” (eurofound.europa.eu)
• What the deal case counted on: Revenue and growth. “The takeover created the world’s largest mobile phone operator with 42.3 million customers in Britain, the United States, Germany, Italy, France, and other markets.” (ideas.repec.org)
• The buyer's deal experience: Regular acquirer. “Vodafone had undertaken a series of alliances and mergers and acquisitions (M&A) activity as a strategic pursuit for growth.” (ideas.repec.org)

“WPP recognised £3.1 billion of impairments that year, £2.8 billion of it goodwill, and its own filing states the majority related to businesses acquired as part of the 2000 Young & Rubicam deal.” (record)

• How it was integrated: Kept separate, with its own management. “All Y&R operating companies will continue to operate from their current headquarters in the U.S. Y&R brings a third major advertising agency network to WPP, the others being J. Walter Thompson Company and Ogilvy & Mather Worldwide.” (wpp.com)
• Culture, as reported: Described as similar. “The two organizations are highly compatible. We share a common philosophy and culture of providing clients with integrated solutions to their marketing needs, and seek to add value to our clients and our people.” (wpp.com)
• The acquired company's leaders: Stayed. “After the close of the transaction, Thomas D. Bell will be Chairman of Young & Rubicam Inc. and Michael Dolan will be CEO of Young & Rubicam Inc. Effective immediately, Ed Vick is Chairman and CEO of Y&R Advertising. Senior Y&R operating heads have signed continuing employment agreements” (wpp.com)
• What the deal case counted on: Cost savings. “Significant synergies expected to be realised through scale and compatibility of combined operations; cost synergies quantified to date in excess of $30m per annum” (wpp.com)
• The buyer's deal experience: Regular acquirer. “Marquee ad agencies that buoyed WPP in earlier decades—including Young & Rubicam, Ogilvy, J. Walter Thompson and Grey—are generally growing more slowly than WPP’s digital and media buying operations, according to the company.” (wsj.com)

“HP spun off Hewlett Packard Enterprise as an entirely separate company, splitting the merged empire back in two” (record)

• How it was integrated: Absorbed into the buyer. “define exactly how the new organization and related decision-making processes would work; and develop comprehensive operational plans for upcoming operational and strategic integration phases.” (gsb.stanford.edu)
• Pace: Fast. ““the integration planning process was so successful that on the day the merger was approved, the new company was ready to go,” says Burgelman.” (gsb.stanford.edu)
• Culture, as reported: Described as different or clashing. “Hewlett-Packard, founded in Palo Alto in 1939, has long been famed for the “HP way,” its much-touted corporate culture which fosters innovation by giving employees autonomy and opportunities for professional growth. Compaq’s image is very different” (knowledge.wharton.upenn.edu)
• What the deal case counted on: Cost savings. “The short-term goal of cutting $2.5 billion from operations was exceeded by more than $1 billion.” (gsb.stanford.edu)

“Nestle kept the premium pet-food business, which still grows volume even as pricing power has faded.” (record)

• How it was integrated: Back office combined, brand or front line kept. “The North American Friskies business will be merged with the existing Ralston Purina organization. The new organization will be called "Nestlé Purina PetCare Company" and will be based in St. Louis, Missouri.” (nestle.com)
• Pace: Fast. “The full-time global integration executive, Mr. John Harris, who reports directly to the CEO of the Nestlé Group, will act as a catalyst for a smooth and rapid transition and integration of the new business.” (nestle.com)
• Culture, as reported: Described as similar. “We have seized a unique opportunity to merge two organizations that share a similar outlook and similar cultures.” (newscenter.purina.com)
• The acquired company's leaders: Stayed. “It will be run by Mr. Patrick McGinnis, current President and CEO of Ralston Purina, with Mr. Joe Weller, Chairman and CEO of Nestlé USA, as Chairman.” (nestle.com)
• What the deal case counted on: Cost savings. “Nestlé expects that combining the two companies will significantly improve operating efficiencies in all areas. Savings should reach USD 260 million and will be fully achieved by the end of 2003” (nestle.com)
• The buyer's deal experience: Regular acquirer. “Ever since it acquired the Friskies business with Carnation in 1985, Nestle has considered pet-care as a strategic growth area and it has repeatedly strengthened it through acquisitions (Alpo 1994, Spillers 1998, and Cargill Argentina 2000).” (newscenter.purina.com)

“PayPal continued as an independent brand and eBay's Billpoint was phased out in H1 2003.” (record)

• How it was integrated: Back office combined, brand or front line kept. “PayPal, which will continue to operate as an independent brand, is a leading online payments solution. Approximately 60% of PayPal’s business takes place on eBay, making it the most preferred electronic payment method among eBay users.” (sec.gov)
• The acquired company's leaders: Left. “In addition, Peter Thiel announced today that he has resigned as PayPal’s CEO. Matt Bannick, eBay’s senior vice president, global online payments, will assume all of Thiel’s responsibilities.” (sec.gov)
• What the deal case counted on: Revenue and growth. “integrating PayPal’s functionality into the eBay platform will fundamentally strengthen the user experience and allow buyers and sellers to trade with greater ease, speed and safety.” (sec.gov)

“The expansion stood and footwear remained the anchoring center of revenue into FY2025.” (record)

• How it was integrated: Kept separate, with its own management. “Operated as a standalone Converse brand within Nike, Inc.” (vectorshift.ai)
• The acquired company's leaders: Stayed. “Converse's management has done an excellent job of reestablishing this beloved brand with consumers and we look forward to supporting them as they continue to implement their growth strategy.” (vectorshift.ai)
• What the deal case counted on: Revenue and growth. “Converse met that criteria and offered potential to drive greater revenue and earnings performance.” (vectorshift.ai)
• The buyer's deal experience: Regular acquirer. “Nike's strategy for growing through non-Nike brands is to identify strong brands with superior management teams where Nike can directly assist in the company's growth” (vectorshift.ai)

“The captive-base strategy stood and the article's stated cloud growth outcomes followed from it.” (record)

• Pace: Fast. “A month after the acquisition of PeopleSoft, Oracle cut over half of PeopleSoft's workforce, laying off 6,000 of PeopleSoft's 11,000 employees.” (en.wikipedia.org)
• What the deal case counted on: Revenue and growth. “The real highlight of our most recent quarter was the 57 percent growth in our applications business, and this merger is going to make that applications business bigger and stronger.” (oracle.com)

“The acquisition closed and the Treo line became part of the surviving company.” (record)

• How it was integrated: Absorbed into the buyer. “Immediately following the completion of the spin-off, Handspring will be merged with Palm, and the merged company will be renamed later in the year.” (sec.gov)
• The acquired company's leaders: Stayed. “Jeff Hawkins, Handspring chairman and chief product officer, will become chief technology officer for the merged company.” (sec.gov)
• What the deal case counted on: Cost savings. “Operational Synergies Provide Path to Cost Savings and Profitability” (sec.gov)

“The acquisitions held and built a large business, but the parity clause that drove the returns was struck down and removed from EEA contracts.” (record)

• How it was integrated: Kept separate, with its own management. “Priceline.com said it intends to retain Active Hotels' current management team, which will continue to manage Active Hotels as an independent business.” (hotelnewsresource.com)
• The acquired company's leaders: Stayed. “Priceline.com said it intends to retain Active Hotels' current management team, which will continue to manage Active Hotels as an independent business.” (hotelnewsresource.com)
• What the deal case counted on: Revenue and growth. “We also believe that we can sell Active Hotels' inventory to our large U.S. customer base for their European travel.” (hotelnewsresource.com)

“In September 2009, eBay sold 65% of Skype to Silver Lake, Andreessen Horowitz, and Canada Pension Plan for $1.9 billion, valuing Skype at $2.75 billion — less than eBay's 2005 acquisition outlay.” (record)

• How it was integrated: Back office combined, brand or front line kept. “failing to integrate the company into its core operations” (ebayinc.com)
• What the deal case counted on: Revenue and growth. “the company’s board decided to divest Skype due to a lack of synergies with the company’s core businesses and its focus on commerce.” (ebayinc.com)

“David Lawee, Google's then-VP of corporate development, called it Google's 'best deal ever' in 2010.” (record)

The reporting found does not say how this deal was integrated.

“The acquisition stood and the charm-and-collab flywheel grew Crocs into a $4.1 billion revenue business.” (record)

• How it was integrated: Back office combined, brand or front line kept. “The endorsement agreement also allows Jibbitz to access Crocs’ network of distributors and retailers as well as utilize its warehousing and logistics infrastructure throughout the world.” (investors.crocs.com)
• The acquired company's leaders: Stayed. “Founders Rich and Sheri Schmelzer will remain with Jibbitz as President and Chief Design Officer respectively.” (investors.crocs.com)
• What the deal case counted on: Revenue and growth. “we are excited to join forces with them as we look to further expand the originality and uniqueness of the Crocs line of products.” (investors.crocs.com)

“Iger's first act was to pay billions to put it back together — and to bring inside the only studio reliably making the kind of films Disney's own animators no longer were.” (record)

• How it was integrated: Kept separate, with its own management. “The merger ensured Pixar remained a separate entity, keeping its name, policies, and Emeryville headquarters.” (mnacommunity.com)
• The acquired company's leaders: Stayed. “Pixar President Ed Catmull will serve as President of the new Pixar and Disney animation studios, reporting to Iger and Dick Cook, Chairman of The Walt Disney Studios.” (thewaltdisneycompany.com)
• What the deal case counted on: Revenue and growth. “Disney will also have increased ability to fully capitalize on Pixar-created characters and franchises on high-growth digital platforms such as video games, broadband and wireless, as well as traditional media outlets, including theme parks, consumer products and live stage plays.” (thewaltdisneycompany.com)
• The buyer's deal experience: Regular acquirer. “There was concern that post-merger bureaucracy might replicate the failures observed in prior Disney acquisitions (e.g., Miramax).” (researchgate.net)

“By January 2013 the cumulative writedowns on that deal had reached around $30 billion, close to 80% of the purchase price.” (record)

• How it was integrated: Back office combined, brand or front line kept. “Creation of a new global leader in the aluminium industry to be called Rio Tinto Alcan.” (sec.gov)
• The acquired company's leaders: Stayed. “Global headquarters of Rio Tinto Alcan to be in Montréal, led by current Alcan chief executive Dick Evans.” (sec.gov)

“The choice stood and produced Apple's first in-house SoC and later fully custom microarchitecture.” (record)

• The buyer's deal experience: Regular acquirer. “Apple buys smaller technology companies from time to time, and we generally do not comment on our purposes and plans,” (forbes.com)

“By 2012 Creative Cloud subscriptions tied creative tools, document workflows, and marketing analytics to a single login for the same enterprise customer” (record)

• How it was integrated: Back office combined, brand or front line kept. “As part of the expected integration of the two companies, Omniture will become a new business unit within Adobe.” (sec.gov)
• The acquired company's leaders: Stayed. “Omniture’s CEO, Josh James, will join Adobe as senior vice president of the new business unit, reporting to Adobe’s president and CEO, Shantanu Narayen.” (sec.gov)
• What the deal case counted on: Revenue and growth. “This acquisition will significantly expand Adobe’s addressable market and growth potential, broadening solutions Adobe provides to the rapidly growing Internet advertising, e-commerce and digital media markets.” (sec.gov)
• The buyer's deal experience: Regular acquirer. “Adobe has a long history of successful corporate acquisitions and integrations, and Omniture was its 30th.” (note.com)

“The acquisition stood and BlackRock grew to $11.6 trillion AUM, exactly the outcome the article documents.” (record)

• How it was integrated: Back office combined, brand or front line kept. “although iShares still has its own salespeople and product team, at a leadership and overall staffing level, integration is complete.” (barrons.com)
• Pace: Slow. “This was a long journey, and it has taken a decade to integrate it,” he added.” (barrons.com)
• Culture, as reported: Described as different or clashing. “There were also significant cultural differences between New York-based BlackRock and San Francisco-based BGI.” (hbs.edu)
• The acquired company's leaders: Left. “Those differences bore out in the number of BGI managing directors and senior people leaving in the first year of the transaction completing. There are very few left today, probably just a handful out of about 150.” (barrons.com)
• What the deal case counted on: Revenue and growth. “It was successful because it wasn’t a cost play. It was adding things that we could never have built on our own. We know that.” (barrons.com)
• The buyer's deal experience: Regular acquirer. “Although no stranger to deals — BlackRock bought Merrill Lynch Investment Managers for $9.6bn in 2006 — the former London-based BGI employee said the acquisition was “transformational” for BlackRock.” (barrons.com)

“The acquisition stood and Disney defended the character rights through the Kirby litigation, resolved in its favor before a 2014 settlement.” (record)

• How it was integrated: Back office combined, brand or front line kept. “Mr. Perlmutter will oversee the Marvel properties, and will work directly with Disney’s global lines of business to build and further integrate Marvel’s properties.” (thewaltdisneycompany.com)
• The acquired company's leaders: Stayed. “Mr. Perlmutter will oversee the Marvel properties, and will work directly with Disney’s global lines of business to build and further integrate Marvel’s properties.” (thewaltdisneycompany.com)
• What the deal case counted on: Revenue and growth. ““We believe that adding Marvel to Disney’s unique portfolio of brands provides significant opportunities for long-term growth and value creation,” Iger said.” (thewaltdisneycompany.com)

“EA was named 'Worst Company in America' by Consumerist in April 2012 (beating Bank of America by nearly 2-to-1 in a poll drawing over 250,000 votes) and again in April 2013, becoming the first company to win consecutively.” (record)

The reporting found does not say how this deal was integrated.

“The automotive framing stood initially but the more consequential smartphone OS use emerged later as market share collapsed.” (record)

• How it was integrated: Kept separate, with its own management. “RIM will give us the best of all possible mandates: to continue on our innovation path and to increase investment in our core products, professional services, and go-to-market channels.” (crackberry.com)
• Culture, as reported: Described as similar. “"Like Harman, RIM shares our passion for innovation and reliability, so we are absolutely thrilled with this opportunity,"” (crackberry.com)
• The acquired company's leaders: Stayed. “QNX chief executive Dan Dodge said RIM would provide the company with the money and resources needed to increase spending to improve and expand its core products, professional services and go-to-market channels.” (informationweek.com)
• What the deal case counted on: Revenue and growth. “further integrate and enhance the user experience between smartphones and in-vehicle audio and infotainment systems,” (crackberry.com)

“non-cash goodwill impairment of about $580 million, $0.87 a share, after finding accounting misconduct at Siwei” (record)

• The acquired company's leaders: Left. “Caterpillar removed several senior managers at Siwei who were responsible for the misconduct and a new leadership team has been put in place.” (prnewswire.com)
• What the deal case counted on: Revenue and growth. “We purchased Siwei as a strategic fit for our coal mining business in China, a country that produces and consumes more coal than any other country in the world,” Wunning added. “We remain very committed to supporting the large base of customers in the Chinese mining industry.” (caterpillar.com)
• The buyer's deal experience: Regular acquirer. “When it bought Siwei, Caterpillar had been doing business in China for more than 30 years. It had amassed 20,000 China employees, dozens of manufacturing, research, logistics and parts centers and a broad dealer network. It had nine new facilities under construction, and had just completed the $8.8 billion purchase of Bucyrus” (reuters.com)

“Google sold off the hardware pieces but kept the patents that were the stated point.” (record)

• How it was integrated: Kept separate, with its own management. “Google will run Motorola Mobility as a separate business.” (sec.gov)
• What the deal case counted on: Revenue and growth. “The acquisition of Motorola Mobility, a dedicated Android partner, will enable Google to supercharge the Android ecosystem and will enhance competition in mobile computing.” (sec.gov)

“By 2025 Instagram is estimated to account for roughly half of Meta's U.S. advertising revenue, per eMarketer estimates cited in reporting on the FTC trial - making the 2012 acquisition one of the most valuable in corporate history despite the price looking reckless at the time.” (record)

• How it was integrated: Kept separate, with its own management. “That’swhywe’recommittedtobuildingandgrowingInstagramindependently.MillionsofpeoplearoundtheworldlovetheInstagramappandthebrandassociatedwithit,andourgoalistohelpspreadthisappandbrandtoevenmorepeople.” (about.fb.com)
• The acquired company's leaders: Stayed. “I’mexcitedtosharethenewsthatwe’veagreedtoacquireInstagramandthattheirtalentedteamwillbejoiningFacebook.” (about.fb.com)
• What the deal case counted on: Revenue and growth. “WewilltrytolearnfromInstagram’sexperiencetobuildsimilarfeaturesintoourotherproducts.Atthesametime,wewilltrytohelpInstagramcontinuetogrowbyusingFacebook’sstrongengineeringteamandinfrastructure.” (about.fb.com)
• The buyer's deal experience: Rare acquirer. “ThisisanimportantmilestoneforFacebookbecauseit’sthefirsttimewe’veeveracquiredaproductandcompanywithsomanyusers.Wedon’tplanondoingmanymoreofthese,ifanyatall.” (about.fb.com)

“a $7.6 billion impairment charge, the largest write-off in the company's history, alongside another 7,800 job cuts” (record)

• How it was integrated: Absorbed into the buyer. “Instead of co-creating a shared culture, Microsoft imposed its own identity. This top-down cultural dominance meant that Nokia’s practices, strengths, and people were undervalued — turning what should have been a partnership into an internal conquest.” (deltabase.io)
• Culture, as reported: Described as different or clashing. “Microsoft’s assertive, U.S.-style management clashed with Nokia’s more deliberative Finnish approach. Teams were misaligned, morale suffered, and decision-making stalled.” (deltabase.io)
• The acquired company's leaders: Stayed. “Nokia expects that Stephen Elop, Jo Harlow, Juha Putkiranta, Timo Toikkanen, and Chris Weber would transfer to Microsoft at the anticipated closing of the transaction.” (news.microsoft.com)
• What the deal case counted on: Revenue and growth. “Microsoft aims to accelerate the growth of its share and profit in mobile devices through faster innovation, increased synergies, and unified branding and marketing.” (news.microsoft.com)

“A completed multibillion-dollar acquisition paid mostly in issued stock is not readily undone.” (record)

• How it was integrated: Kept separate, with its own management. “WhatsApp’s brand will be maintained; its headquarters will remain in Mountain View, CA; Jan Koum will join Facebook’s Board of Directors; and WhatsApp’s core messaging product and Facebook’s existing Messenger app will continue to operate as standalone applications.” (sec.gov)
• The acquired company's leaders: Left. “The creators of the popular messaging service are walking away leaving about $1.3 billion on the table.” (wsj.com)
• What the deal case counted on: Revenue and growth. “The combination will help accelerate growth and user engagement across both companies.” (sec.gov)
• The buyer's deal experience: Regular acquirer. “This approach is working well with Instagram, and WhatsApp will operate in this manner.” (sec.gov)

“Medtronic CEO Omar Ishrak stated in January 2016 that the inversion resulted in $9.3 billion in savings, of which the company planned to return more than half (~$5 billion) to shareholders via buyback.” (record)

• How it was integrated: Absorbed into the buyer. “Under the terms of the acquisition agreement, Medtronic, Inc. and Covidien plc are now combined under Medtronic plc.” (sec.gov)
• What the deal case counted on: Revenue and growth. “This acquisition will allow Medtronic to reach more patients, in more ways and in more places.” (news.medtronic.com)

“A multi-billion-dollar acquisition that became the core high-margin engine cannot be readily unwound.” (record)

• How it was integrated: Back office combined, brand or front line kept. “The new Life Sciences Solutions Segment will consist of the majority of the former Life Technologies and Thermo Fisher Biosciences businesses.” (ir.thermofisher.com)
• The acquired company's leaders: Stayed. “Mark Stevenson, who served as chief operating officer of Life Technologies, has been named an executive vice president and president of Life Sciences Solutions, reporting directly to Casper.” (ir.thermofisher.com)
• What the deal case counted on: Cost savings. “The acquisition of Life presents the opportunity for$275 millionof adjusted operating income synergies in year three following the close, consisting of$250 millionof cost synergies and$25 millionof revenue synergies.” (ir.thermofisher.com)

“U.S. EBITDA fell 28.2% in the first half of 2023, and AB InBev said roughly two-thirds of that drop traced to one brand's market-share collapse.” (record)

• How it was integrated: Absorbed into the buyer. “Under the terms of the agreement, SABMiller will be acquired by Newco, a Belgian company to be formed for the purpose of the transaction. AB InBev will also merge into Newco and, following the completion of the transaction, Newco will be the new holding company of the combined group.” (cravath.com)
• Pace: Slow. “The merger with SABMiller was expected to yield $1.4 billion annual savings for AB InBev in 4-year time at a one off cost of $900 million.” (ideas.repec.org)
• What the deal case counted on: Cost savings. “The merger with SABMiller was expected to yield $1.4 billion annual savings for AB InBev in 4-year time at a one off cost of $900 million.” (ideas.repec.org)
• The buyer's deal experience: Regular acquirer. “In the year 2004, Interbrew and Ambey merged to create the world’s largest brewer InBey. In 2008, the merger of InBev and Anheuser-Busch was completed.” (ideas.repec.org)

“The merger closed and stood, with asset sales and the later VMware spin-off used to dig out from the debt.” (record)

• How it was integrated: Back office combined, brand or front line kept. “Comprises unique family of businesses including Dell, Dell EMC, Pivotal, RSA, SecureWorks, Virtustream and VMware” (dell.com)
• Culture, as reported: Described as similar. “The CEO said he sees similarities in the Dell and EMC cultures. “They both come from an aggressive direct sales culture,” he said. “But they both have learned that you can’t really succeed in the enterprise without a strong channel. The Dell culture is a strong culture that will stand up well to the EMC culture.”” (ftei.com)
• The acquired company's leaders: Left. “Mr. Tucci will continue as chairman and chief executive officer of EMC until the transaction closes.” (dell.com)
• What the deal case counted on: Revenue and growth. “The transaction will unite Dell’s strength with small business and mid-market customers with EMC’s strength with large enterprises to fuel profitable growth and generate significant cash flows.” (dell.com)

“GE got the low-margin metal and was made to give away the high-margin maintenance. And it inherited more than 30,000 high-cost employees in the bargain.” (record)

• How it was integrated: Back office combined, brand or front line kept. “On November 2, 2015, GE completed the acquisition at €9.7 billion (approximately US$10.6 billion), after adjustments for joint ventures announced in June 2014 (renewables, grid, and nuclear), deal-structure changes, regulatory remedies, net cash at close, and currency effects.” (purplewins.io)
• What the deal case counted on: Cost savings. “GE is targeting $3.0 billion in cost synergies in year five and strong deal returns.” (ge.com)
• The buyer's deal experience: Regular acquirer. “GE continues to execute its strategy to become a simpler, more focused company. In addition to the Alstom acquisition, the split-off of Synchrony Financial has commenced; the GE Capital exit strategy is ahead of plan, with $126 billion of signed dispositions” (ge.com)

“the $15.4 billion goodwill impairment the company reported in the fourth quarter of 2018 — the charge that produced a net loss of about $12.6 billion and dropped the stock more than 27% in a day” (record)

• How it was integrated: Back office combined, brand or front line kept. “The Heinz brand and business will remain headquartered in Pittsburgh and the Kraft brand and business will remain headquartered in the Chicago area.” (news.kraftheinzcompany.com)
• Pace: Fast. “Since Heinz was taken private in 2013 by 3G Capital and Berkshire Hathaway, and after the merger with Kraft in 2015, the company had experienced profound changes over a short period of time.” (hbs.edu)
• The acquired company's leaders: Stayed. “John Cahill, Kraft Chairman and Chief Executive Officer, will become Vice Chairman and chair of a newly formed operations and strategy committee of the Board of Directors.” (sec.gov)
• What the deal case counted on: Cost savings. “The significant synergy potential includes an estimated $1.5 billion in annual cost savings implemented by the end of 2017. Synergies will come from the increased scale of the new organization, the sharing of best practices and cost reductions.” (sec.gov)
• The buyer's deal experience: Regular acquirer. “3G Capital and its principals have a proven track record of investing in and growing iconic brands. In previous transactions over the years, 3G has partnered with other long-term investors to build significant shareholder value” (sec.gov)

“The merger stood; the heir was ultimately acquitted of charges tied to it and control passed to him.” (record)

• What the deal case counted on: Revenue and growth. “the integration was expected to yield significant synergies, improve productivity, and bolster Samsung’s position as a global powerhouse in construction, technology, and consumer electronics.” (paradigmpress.org)

“Verizon wrote down and then sold the business, reverting to a network-focused position.” (record)

• How it was integrated: Back office combined, brand or front line kept. “Under former AOL CEO Tim Armstrong, the Yahoo and AOL brands were converged into a new online media division within Verizon called Oath.” (cnbc.com)
• Pace: Slow. “In fact, the integration between AOL and Yahoo has never been on solid footing, according to former senior AOL employees who spoke with Business Insider.” (businessinsider.com)
• Culture, as reported: Described as different or clashing. “AOL felt like a family, congenial and working toward a common good, according to employees. Working at Oath with Yahoo felt mechanical and cutthroat.” (businessinsider.com)
• The acquired company's leaders: Stayed. “Under former AOL CEO Tim Armstrong, the Yahoo and AOL brands were converged into a new online media division within Verizon called Oath.” (cnbc.com)

“In connection with the failure of the Phase 3 TAHOE trial, AbbVie determined the fair value of the Stemcentrx-related IPR&D intangible assets had fallen to $1.0 billion as of December 31, 2018, versus a $6.1 billion carrying value, resulting in a pre-tax impairment charge of $5.1 billion” (record)

• How it was integrated: Back office combined, brand or front line kept. “The surviving company in the Merger then merged with and into AbbVie Stemcentrx (the “Subsequent Merger”), with AbbVie Stemcentrx surviving the Subsequent Merger as a wholly owned subsidiary of AbbVie.” (investors.abbvie.com)
• What the deal case counted on: Revenue and growth. “Rova-T represents a multi-billion dollar peak revenue opportunity with expected commercialization in 2018” (news.abbvie.com)
• The buyer's deal experience: Regular acquirer. “Together with its wholly-owned subsidiary, Pharmacyclics, AbbVie employs more than 28,000 people worldwide and markets medicines in more than 170 countries.” (news.abbvie.com)

“AT&T exited Hollywood roughly four years later, spinning WarnerMedia off into WBD.” (record)

• Culture, as reported: Described as different or clashing. “This paper uses the failed AT&T/Time Warner merger as a case study to show that mergers between companies with markedly different cultures are likely to fail.” (papers.ssrn.com)
• What the deal case counted on: Revenue and growth. “necessary to allow the combined company to keep pace in an environment where cable is the incumbent market leader and viewer preferences are rapidly tilting towards the direct-to-consumer platforms of Netflix, Google, Amazon Prime, Facebook, Apple, Hulu, and others.” (congress.gov)

“Marriott kept the portfolio and remained the largest, absorbing the breach costs rather than unwinding the deal.” (record)

• How it was integrated: Back office combined, brand or front line kept. “While some consolidation occurred, Marriott was careful to preserve many of Starwood's popular brands, such as Westin, Sheraton, and St. Regis, recognizing their value in the market.” (fohlio.com)
• Culture, as reported: Described as different or clashing. “Can Marriott adopt Starwood´s culture of cool?” (costar.com)
• What the deal case counted on: Cost savings. “As a result of extensive due diligence and joint integration planning, Marriott is confident it can achieve $250 million in annual cost synergies within two years after closing, up from $200 million estimated in November 2015 when announcing the original merger agreement.” (sec.gov)

“The deal closed and Microsoft shipped the predicted Dynamics integration afterward.” (record)

• How it was integrated: Kept separate, with its own management. “LinkedIn will retain its distinct brand, culture and independence.” (news.microsoft.com)
• The acquired company's leaders: Stayed. “Jeff Weiner will remain CEO of LinkedIn, reporting to Satya Nadella, CEO of Microsoft.” (news.microsoft.com)
• What the deal case counted on: Revenue and growth. ““Together we can accelerate the growth of LinkedIn, as well as Microsoft Office 365 and Dynamics as we seek to empower every person and organization on the planet.”” (news.microsoft.com)

“The channel turned its first profit and e-commerce grew strongly after the buy-in and store-fulfillment shift.” (record)

• The acquired company's leaders: Stayed. “With the close of the deal, Marc Lore, founder and CEO of Jet.com, now joins Walmart’s leadership team, serving as executive vice president at Walmart and president and CEO of Walmart eCommerce in the U.S.” (corporate.walmart.com)
• What the deal case counted on: Revenue and growth. “The deal builds on Walmart’s strong e-commerce foundation and is intended to help accelerate growth and deliver a seamless shopping experience for customers.” (corporate.walmart.com)

“In August 2020, the US government found credible evidence that ByteDance's acquisition of Musical.ly might threaten national security and ordered ByteDance to divest all of its US TikTok assets and user data.” (record)

• The acquired company's leaders: Stayed. “The lip-sync platform's co-founders Louis Yang and Alex Zhu and their global team will join Bytedance and will continue to run the Musical.ly platform, the firm said.” (reuters.com)
• What the deal case counted on: Revenue and growth. “(By) integrating Musical.ly's global reach with Bytedance's massive user base in China and key Asian markets, we are creating a significant global platform for our content creators and brands to engage with new markets,” (reuters.com)

“About 67% of Fox's pro-forma EBITDA at time of acquisition came from linear TV networks in secular decline” (record)

• Culture, as reported: Described as different or clashing. “However, its centralized control model constrained creative autonomy, weakened cultural integration, and created operational overlaps.” (ijfi.net)
• What the deal case counted on: Revenue and growth. “The acquisition of 21st Century Fox’s iconic collection of businesses and franchises will allow Disney to provide more appealing high-quality content and entertainment options to meet growing consumer demand; increase its international footprint; and expand its direct-to-consumer offerings” (sec.gov)

“Shareholders stripped approximately 40% off Bayer's market cap after the Monsanto deal closed in June 2018;” (record)

• How it was integrated: Absorbed into the buyer. “This week marks the end of Monsanto. After 116 years of existence, two years of due diligence and clearing regulatory hurdles its brand is disappearing into the bowels of Bayer.” (primegenesis.com)
• Culture, as reported: Described as different or clashing. “There’s every reason to expect Monsanto’s people to be more results-oriented and less caring, more hierarchical and more driven by authority than Bayer’s people. These are non-trivial cultural hurdles to overcome.” (primegenesis.com)
• What the deal case counted on: Revenue and growth. “Importantly, this transaction is primarily about driving innovation, growth and investment, rather than cost-cutting considerations.” (sec.gov)
• The buyer's deal experience: Regular acquirer. “Bayer has a long history with acquisitions having been acquired and spun-off/broken apart and acquiring others including Miles Labs, Sterling Winthrop, Roche and Merck’s over the counter medical businesses and Schering.” (primegenesis.com)

“Over $1.3 billion in acquisitions were largely written down and one unit sold back at an undisclosed price, unwinding much of the bet at high cost.” (record)

• How it was integrated: Kept separate, with its own management. “GreatCall will maintain its San Diego headquarters, as well as its Care Centers in Carlsbad, California, and Reno, Nevada. Inns, who has been with GreatCall since its formation in 2006, will remain as CEO.” (sec.gov)
• The acquired company's leaders: Stayed. “Inns, who has been with GreatCall since its formation in 2006, will remain as CEO.” (sec.gov)
• What the deal case counted on: Revenue and growth. “The acquisition of GreatCall will augment Best Buy’s existing efforts in the health space, help bring compelling solutions to more customers, and help fuel Best Buy’s further growth in the consumer and commercial markets.” (sec.gov)

“Health Care Benefits adjusted operating income collapsed to $307 million, down from $5,577 million the prior year” (record)

• How it was integrated: Kept separate, with its own management. “Aetna will operate as a stand-alone business unit within the CVS Health enterprise following the close and will be led by members of their current management team.” (investors.cvshealth.com)
• The acquired company's leaders: Stayed. “Aetna will operate as a stand-alone business unit within the CVS Health enterprise following the close and will be led by members of their current management team.” (investors.cvshealth.com)
• What the deal case counted on: Cost savings. “On its third-quarter earnings call Nov. 6, CVS said it expects to save more than $750 million within two years of the deal closing.” (cnbc.com)

“By mid-2023, Red Hat's software revenue was growing roughly 11% year-over-year and leading IBM's software segment, which rose 7.2% to $6.6 billion — with analysts noting that without Red Hat, IBM's growth would have been far more modest.” (record)

• How it was integrated: Kept separate, with its own management. “IBM will maintain Red Hat's headquarters in Raleigh, North Carolina, its facilities, brands and practices. Red Hat will operate as a distinct unit within IBM and will be reported as part of IBM's Cloud and Cognitive Software segment.” (ibm.com)
• The acquired company's leaders: Stayed. “Red Hat will continue to be led by Jim Whitehurst and its current management team. Whitehurst is joining IBM's senior management team, reporting to Ginni Rometty.” (ibm.com)
• What the deal case counted on: Revenue and growth. “The addition of Red Hat will accelerate IBM’s revenue growth, expecting to add approximately 200 basis points over the next five years through a combination of Red Hat’s existing business, continued growth in Red Hat, and cross-selling opportunities across IBM’s software and services businesses.” (ibm.com)
• The buyer's deal experience: Regular acquirer. “IBM executives aimed to further boost their depth of technical talent and intellectual property portfolio to enable them to achieve this transformation through strategic acquisitions.” (mnawatch.com)

“The acquisition closed and NextEra's asset base and clean-energy build program grew as the strategy intended.” (record)

• How it was integrated: Back office combined, brand or front line kept. “NextEra Energy expects to employ its long-term strategy of advancing affordable, reliable and clean energy and making smart infrastructure investments at Gulf Power and Florida City Gas.” (newsroom.nexteraenergy.com)
• What the deal case counted on: Cost savings. “NextEra Energy's culture of continuous improvement and focus on smart investments that reduce operations and maintenance (O&M) expenses has helped drive significant productivity enhancements, which has resulted in FPL's industry-leading cost position.” (newsroom.nexteraenergy.com)
• The buyer's deal experience: Regular acquirer. “The acquisition comes after NextEra failed to win regulatory approval for two high-profile utility purchases: its rejected bid to buy Hawaiian Electric in 2015, and its attempt to purchase Texas-based Oncor in 2017.” (utilitydive.com)

“The choice stood: Zolgensma launched and declined as modeled, while the platform delivered Itvisma and pipeline acquisitions.” (record)

• How it was integrated: Absorbed into the buyer. “Novartis plans a smooth transition of AveXis operations and the integration of AveXis’ talented and dedicated employees into the Novartis organization to continue the mission of bringing AVXS-101 to patients worldwide.” (curesma.org)
• What the deal case counted on: Revenue and growth. “Financially attractive acquisition with multi-billion dollar peak sales potential; strong Core Operating Income and EPS contribution as of 2020” (novartis.com)

“a smart contract clause, written to protect the buyer, worked exactly as written — and a near-miss triggered a total forfeiture the courts have not found anyone rigged.” (record)

• How it was integrated: Absorbed into the buyer. “Upon completion of the acquisition, pursuant to the terms of the merger agreement, Celgene became a wholly owned subsidiary of Bristol-Myers Squibb Company.” (news.bms.com)
• Pace: Fast. “BMS believed the merger would allow for a $2.5 billion annual cost saving by 2022 and ultimately improve efficiency and profitability; they confirmed they reached this target in 2021.” (blog.inovia.bio)
• Culture, as reported: Described as different or clashing. “Many believe the integration of the two cultures was potentially the most difficult part of the merger, with Celgene adopting a “Biotech” thought process, with innovation and speed at the forefront, while BMS had a more thorough and bureaucratic approach.” (blog.inovia.bio)
• What the deal case counted on: Cost savings. “Bristol-Myers Squibb expects to realize run-rate cost synergies of approximately $2.5 billion by 2022.” (investors.bms.com)

“The renegotiated deal closed and stood, though group results later declined.” (record)

• How it was integrated: Back office combined, brand or front line kept. “He invested in reputable brands that were seen as struggling, and then worked to revive them by integrating them into the LVMH machine.” (hls.harvard.edu)
• The acquired company's leaders: Left. “LVMH said Anthony Ledru, a senior executive at the group's Louis Vuitton brand, would be CEO at Tiffany, taking over from Alessandro Bogliolo, who is set to leave on Jan. 22.” (reuters.com)

“It deployed the technology across the drive-thru, learned exactly what personalization could and couldn't do at scale, and then, in December 2021, announced it was selling the business to Mastercard.” (record)

• How it was integrated: Kept separate, with its own management. “Dynamic Yield will remain a stand-alone company and employees will continue to operate out of offices around the world. Dynamic Yield will also continue to serve their current, and attract future, clients.” (corporate.mcdonalds.com)
• Pace: Fast. “Following the acquisition, Dynamic Yield rolled out its product recommendation technology in more than 12,000 McDonald’s Drive Thrus in the U.S. during a quick, six month ramp up.” (mastercard.com)
• What the deal case counted on: Revenue and growth. “These allowed McDonald’s to better optimize ‘Recommended Items’ and ‘Suggestive Sell’ recommendations across digital menu boards and generate incremental average check.” (mastercard.com)

“Shopify exited the fulfillment build-out within roughly a year, selling assets and handing logistics to Flexport.” (record)

• How it was integrated: Back office combined, brand or front line kept. “Shopify will maintain the 6 River Systems brand and headquarters in Waltham, MA.” (shopify.com)
• What the deal case counted on: Revenue and growth. “The transaction adds 6 River Systems’ cloud-based software and fleet of collaborative mobile robots called “Chuck” to the Shopify Fulfillment Network, accelerating its growth.” (shopify.com)

“In September 2023, Lululemon and Peloton announced a five-year strategic global partnership; Peloton became Lululemon's exclusive digital fitness content provider, and Lululemon planned to discontinue selling Lululemon Studio Mirror hardware by end of 2023” (record)

• How it was integrated: Kept separate, with its own management. “Following completion of the transaction, MIRROR will operate as a standalone company within lululemon and Ms. Putnam will continue as MIRROR’s chief executive officer, reporting to Mr. McDonald.” (sec.gov)
• The acquired company's leaders: Left. “Mirror Founder Brynn Putnam stepped down as CEO in September 2021.” (finance.yahoo.com)
• What the deal case counted on: Revenue and growth. “MIRROR positions lululemon to accelerate its vision and build upon an ecosystem that will fuel the Company’s Power of Three growth plan, which includes driving the business through omni guest experiences.” (sec.gov)

“The article states the Slack thesis remains unproven and asks for more time, with no dated favorable outcome.” (record)

• How it was integrated: Back office combined, brand or front line kept. “Upon the close of the transaction, Slack will become an operating unit of Salesforce and will continue to be led by CEO Stewart Butterfield.” (salesforce.com)
• The acquired company's leaders: Stayed. “Slack will continue to be led by CEO and Co-Founder Stewart Butterfield.” (slack.com)
• What the deal case counted on: Revenue and growth. “Equipping Account Executives with another tool in their arsenal carries virtually no incremental cost to sell Slack as part of the Salesforce package and can generate substantial, incremental revenue.” (foundhq.com)
• The buyer's deal experience: Regular acquirer. “Over the past 15+ years, Salesforce has been known to pursue growth through an aggressive acquisition strategy across a variety of product and service companies.” (foundhq.com)

“The acquisition stood and Delivery revenue grew through 2024, though Uber remained a distant U.S. number two.” (record)

• How it was integrated: Back office combined, brand or front line kept. “Following the closing of the transaction, Uber intends to keep the consumer-facing Postmates app running separately, supported by a more efficient, combined merchant and delivery network.” (investor.uber.com)
• Culture, as reported: Described as similar. “Uber and Postmates have been strong allies working together to advocate and create the best practices across our industry, especially for our couriers.” (sec.gov)
• What the deal case counted on: Revenue and growth. “Combination of platforms to provide more choice and convenience for consumers, increased demand and tailored technology offerings for restaurants, and new income opportunities for delivery people” (investor.uber.com)

“Then the core delivered exactly what a concentrated defense-and-aerospace bet is supposed to: FY2024 net sales of $80.7 billion, and by the end of FY2025 a total backlog of $268 billion” (record)

• How it was integrated: Back office combined, brand or front line kept. “Raytheon plans to consolidate its four businesses into two businesses to be named Intelligence, Space & Airborne Systems and Integrated Defense & Missile Systems. The new businesses will join Collins Aerospace and Pratt & Whitney to form the four businesses of Raytheon Technologies.” (sec.gov)
• Pace: Fast. “Raytheon and United Technologies this week held a “joint kickoff” event for their integration process, according to a top Raytheon executive.” (sec.gov)
• The acquired company's leaders: Stayed. “Tom Kennedy will be appointed Executive Chairman and Greg Hayes will be named CEO of Raytheon Technologies. Two years following the close of the transaction, Hayes will assume the role of Chairman and CEO.” (sec.gov)

“The acquisition held but the integration thesis was materially modified as Afterpay moved fully into Cash App.” (record)

• How it was integrated: Back office combined, brand or front line kept. “Afterpay co-founders and co-CEOs Nick Molnar and Anthony Eisen have joined Block and will help lead Afterpay’s respective seller and consumer businesses, as part of Block’s Square and Cash App ecosystems.” (block.xyz)
• Pace: Slow. “A lot of time and effort has really been wasted over the last two years post acquisition.” (capitalbrief.com)
• Culture, as reported: Described as different or clashing. “repeated clashes between US and Australian team members, which created a dysfunctional internal culture.” (capitalbrief.com)
• The acquired company's leaders: Stayed. “Afterpay co-founders and co-CEOs Nick Molnar and Anthony Eisen have joined Block and will help lead Afterpay’s respective seller and consumer businesses, as part of Block’s Square and Cash App ecosystems.” (block.xyz)
• What the deal case counted on: Revenue and growth. “This transaction aims to enable Block to better deliver compelling financial products and services that expand access to more consumers and help drive incremental revenue for sellers of all sizes.” (block.xyz)

“For 2022, BuzzFeed posted a net loss of $201.3 million — including a $102.3 million non-cash goodwill impairment charge — against net income of $25.9 million the year before.” (record)

• How it was integrated: Back office combined, brand or front line kept. “Following the transaction, Complex Networks will remain editorially independent, but benefit from the application of BuzzFeed’s data science, distribution network, and lines of business - including commerce - to accelerate revenue growth.” (businesswire.com)
• Culture, as reported: Described as similar. “In Jonah and BuzzFeed, we've found unparalleled vision; a deep respect for our company culture, brands, and editorial independence; and a partner with business lines that will enable us to take Complex Networks to an entirely new level.” (businesswire.com)
• The acquired company's leaders: Stayed. “Complex Networks Founder and CEO Rich Antoniello To Serve in Two-Year Strategic Advisory Role To BuzzFeed And CEO Jonah Peretti_ _Christian Baesler To Join BuzzFeed Management Team And Become CEO Of Complex Networks” (businesswire.com)
• What the deal case counted on: Revenue and growth. “Following the transaction, Complex Networks will remain editorially independent, but benefit from the application of BuzzFeed’s data science, distribution network, and lines of business - including commerce - to accelerate revenue growth.” (businesswire.com)

“For full-year 2025, Crocs reported $738.1 million in asset impairments primarily from HEYDUDE trademarks and goodwill, reducing income from operations to $149.5 million and producing a net loss of $81.2 million ($1.50 per diluted share), reversing $950.1 million of net income in 2024.” (record)

• How it was integrated: Kept separate, with its own management. “Upon completion of the transaction, HEYDUDE will operate as a standalone division.” (investors.crocs.com)
• The acquired company's leaders: Stayed. “Alessandro Rosano, founder of HEYDUDE, will continue to lead innovative product development as Strategic Advisor and Creative Director.” (investors.crocs.com)
• What the deal case counted on: Revenue and growth. “Transaction Expected to be Immediately Accretive to 2022 Revenue Growth, Operating Margin and Earnings” (investors.crocs.com)

“The deal collapsed into a write-off and litigation after the customer base proved fabricated.” (record)

• How it was integrated: Back office combined, brand or front line kept. “The bank planned to have Frank keep its branding and continue to be led by Javice.” (competitionpolicyinternational.com)
• The acquired company's leaders: Left. “That includes Javice and Amar, who were both fired late last year.” (forbes.com)
• What the deal case counted on: Revenue and growth. “JPMC had been seeking to expand its market share for financial services and products to the largely untapped student segment of the population and hoped to use Frank’s customer information to target those prospects.” (sec.gov)
• The buyer's deal experience: Regular acquirer. “JPMorgan, the biggest U.S. bank by assets and a steady acquirer of fintech startups, sued Javice in December 2022, alleging that the founder had lied about her company’s scale to close the deal.” (cnbc.com)

“For 2024, net revenues fell 17% to €156.9 billion, net profit collapsed 70% to €5.5 billion, adjusted operating income dropped 64%, and industrial free cash flow swung to negative €6 billion.” (record)

• How it was integrated: Back office combined, brand or front line kept. “40% of the carmaker's expected synergies would come from convergence of platforms and powertrains and from optimising R&D investments, 35% from savings on purchases, and another 7% from savings on sales operations and general expenses.” (reuters.com)
• Pace: Slow. “approximately 80 percent of synergies to be achieved after four years from the Closing.” (stellantis.com)
• The acquired company's leaders: Stayed. “Shares in Stellantis , which will be headed by current PSA Chief Executive Carlos Tavares, will start trading in Milan and Paris on Monday, and in New York on Tuesday.” (reuters.com)
• What the deal case counted on: Cost savings. “The merger is expected to provide about 5 billion euros, or $6.1 billion, in annual cost savings, according to officials.” (cnbc.com)

“The deal closed and revenue rose, but Microsoft had to permanently surrender the cloud-streaming rights it most wanted.” (record)

• The acquired company's leaders: Stayed. “Bobby Kotick will continue to serve as CEO of Activision Blizzard, and he and his team will maintain their focus on driving efforts to further strengthen the company’s culture and accelerate business growth.” (news.microsoft.com)
• What the deal case counted on: Revenue and growth. “This acquisition will accelerate the growth in Microsoft’s gaming business across mobile, PC, console and cloud and will provide building blocks for the metaverse.” (news.microsoft.com)
• The buyer's deal experience: Regular acquirer. “But Microsoft has taken action attempting to remedy the such deficiency by purchasing many companies of gaming products such as OBSIDIAN and inXile Entertainment in 2018, Zenimax Media in 2020 and now looking forwards to the acquisition of Activision Blizzard.” (researchgate.net)

“The bundle strategy stood and subscription-led revenue and cash flow followed through 2024.” (record)

• How it was integrated: Back office combined, brand or front line kept. “The Athletic will be a subsidiary of The Times Company and continue to operate separately.” (investors.nytco.com)
• The acquired company's leaders: Stayed. “They will stay on after the acquisition, Mr. Mather as The Athletic’s general manager and co-president and Mr. Hansmann as its chief operating officer and co-president.” (investors.nytco.com)
• What the deal case counted on: Revenue and growth. “Strategically, we believe this acquisition will accelerate our ability to scale and deepen subscriber relationships.” (investors.nytco.com)

“PMI completed full ownership and ZYN held 74%+ share with rising volumes and FDA clearance.” (record)

• Pace: Slow. “The work to integrate Swedish Match into PMI’s global sustainability structure, strategy and policies started in 2023, as a result of the new ownership, and proceeded throughout 2024.” (swedishmatch.com)
• Culture, as reported: Described as similar. “As PMI continues to evolve its business for the long term, we believe the two companies represent a strong pairing focused on strategic vision, culture, and enterprise.” (pmi.com)
• What the deal case counted on: Revenue and growth. “The acquisition will accelerate PMI’s transformation to become a smoke-free company with a comprehensive global smoke-free portfolio with leadership positions in heat-not-burn, and the fastest growing category of oral nicotine, with the potential for accelerated international expansion.” (sec.gov)

“The on-ramp strategy stood and subscriber and revenue outcomes followed as designed.” (record)

• How it was integrated: Back office combined, brand or front line kept. “We could not be more thrilled to become the new home and proud stewards of this magical game, and are honored to help bring Josh Wardle's cherished creation to more solvers in the months ahead,” (npr.org)
• What the deal case counted on: Revenue and growth. “The Times said it expects the acquisition to broaden its digital content as it tries to reach the goal of 10 million subscribers by 2025.” (reuters.com)
• The buyer's deal experience: Regular acquirer. “It has also bought into other digital media such as subscription-based audio app Audm and product review website Wirecutter.” (reuters.com)

“The pricing strategy held and drove revenue, but customer defection and lapsed renewals are already eroding the captive base.” (record)

• Culture, as reported: Described as different or clashing. “And the Broadcom executive team voiced concerns around culture and working from home at VMware. They wanted to change the things that brought me there.” (businessinsider.com)
• What the deal case counted on: Revenue and growth. “Broadcom has a long track record of investing in the businesses we acquire to drive sustainable growth, and that will continue with VMware for the benefit of the stakeholders we serve.” (investors.broadcom.com)
• The buyer's deal experience: Regular acquirer. “Broadcom has a long track record of investing in the businesses we acquire to drive sustainable growth, and that will continue with VMware” (investors.broadcom.com)

“The tribunal ruled for Chevron and the merger closed, so the choice stood.” (record)

• How it was integrated: Back office combined, brand or front line kept. ““We’ve been able to take the best of what Hess was doing and the best of what Chevron was doing and bring them together.”” (chevron.com)
• Pace: Fast. “One year after closing, Chevron has already realized $1.5 billion of synergies—50% more than initially targeted and six months ahead of schedule.” (chevron.com)
• Culture, as reported: Described as similar. “Importantly, our two companies have similar values and cultures, with a focus on operating safely and with integrity, attracting and developing the best people, making positive contributions to our communities and delivering higher returns and lower carbon.” (chevron.com)
• The acquired company's leaders: Stayed. “on July 17, 2025, the Federal Trade Commission (FTC) lifted its earlier restriction, clearing the way for John Hess to join Chevron’s Board of Directors, subject to Board approval.” (chevron.com)
• What the deal case counted on: Cost savings. “The transaction is expected to achieve run-rate cost synergies around $1 billion before tax within a year of closing.” (chevron.com)
• The buyer's deal experience: Regular acquirer. “The Hess acquisition follows other successful integrations such as Noble Energy and PDC Energy. With each acquisition, Chevron has focused on developing talent and maintaining operational momentum.” (chevron.com)

“Full-year 2025 Permian production averaged 1.6 million barrels of oil-equivalent per day - an annual record - with the fourth quarter hitting roughly 1.8 million.” (record)

• How it was integrated: Absorbed into the buyer. “Combining Pioneer’s differentiated Permian inventory and basin knowledge with ExxonMobil’s proprietary technologies, financial resources, and industry-leading project execution excellence is expected to generate double-digit returns” (corporate.exxonmobil.com)
• What the deal case counted on: Cost savings. “deliver operating and capital efficiency for long-term shareholder value” (corporate.exxonmobil.com)
• The buyer's deal experience: Regular acquirer. “ExxonMobil completes acquisition of Denbury” (corporate.exxonmobil.com)

“But it slotted cleanly into L'Oréal Luxe, the division that became the global number-one in luxury beauty and threw off around €3.33 billion in operating profit in 2023.” (record)

• The acquired company's leaders: Stayed. “I look forward to welcoming Michael O’Keeffe and his passionate teams to the L’Oréal family, as we work together to write the next chapter of this iconic brand,” (loreal.com)
• What the deal case counted on: Revenue and growth. “We look forward to building on the brand’s unique DNA and values, as we unleash its massive growth potential in China and beyond.” (loreal.com)
• The buyer's deal experience: Regular acquirer. “In the past decades, L’Oréal has been actively pursuing M&A opportunities as a core part of its growth strategy.” (mergersight.com)

“By the first quarter of 2024, recurring revenue had climbed to 97% of the segment, growing 8% organically at an adjusted EBITDA margin of 47.4%.” (record)

• The acquired company's leaders: Stayed. ““Joining Thomson Reuters provides us with an unparalleled opportunity to scale the Casetext vision and accelerate breakthroughs for legal professionals.” (thomsonreuters.com)
• What the deal case counted on: Revenue and growth. ““We believe that Casetext will accelerate and expand our market potential for these offerings - revolutionizing the way professionals work, and the work they do.”” (thomsonreuters.com)
• The buyer's deal experience: Regular acquirer. ““Our company has a successful track record of fueling growth and innovation through acquired businesses, partnerships and organic investments.” (thomsonreuters.com)

“Advertising kept compounding and by FY2026 ads and membership drove a third of profit, consistent with the choice.” (record)

• How it was integrated: Kept separate, with its own management. “Walmart and VIZIO will continue to operate separately for the foreseeable future. William Wang will continue to lead VIZIO as CEO, reporting to Dallaire.” (corporate.walmart.com)
• Culture, as reported: Described as similar. “They’ve always put customers at the center of their business – and that’s core to Walmart’s values and the omnichannel experiences we’re excited to roll out,” (corporate.walmart.com)
• The acquired company's leaders: Stayed. “William Wang will continue to lead VIZIO as CEO, reporting to Dallaire.” (corporate.walmart.com)
• What the deal case counted on: Revenue and growth. “The combination would be expected to further accelerate Walmart’s media business in the U.S., Walmart Connect, bringing together VIZIO's advertising solutions business with Walmart’s reach and capabilities.” (corporate.walmart.com)