Archive for: November 17, 2015

For close to 20 years in M&A, I’ve heard the conventional wisdom that strategic buyers pay more than financial buyers. The logic of the synergies mantra has always seemed to make sense. In theory, strategic buyers can find concrete cost synergies (and also some revenue synergies) to justify paying a higher price. As an advisor on sell-side M&A transactions, I often hear clients, colleagues and prospects repeat this mantra in our go-to-market strategy sessions. Here’s the thing, over the last couple of years I’ve seen more than a few instances where PE players have done transactions in which the conventional…

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