Corporate Growth through M&A

I've led 17 M&A integrations. Here are the 5 critical lessons I've learned: 1. 𝐋𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐚𝐭 𝐭𝐡𝐞 𝐓𝐨𝐩 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐬 𝐚 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐭 𝐌𝐢𝐧𝐝𝐬𝐞𝐭 Traditional leadership development fails during integration. Why? Because uncertainty demands a different kind of leader. Through these integrations, I learned to identify leaders who: • Thrive in ambiguity • Adapt their style instantly • Read situations before they escalate • Drive change without losing people 2. 𝐋𝐢𝐬𝐭𝐞𝐧 𝐚𝐧𝐝 𝐋𝐞𝐚𝐫𝐧 𝐁𝐞𝐲𝐨𝐧𝐝 𝐭𝐡𝐞 𝐍𝐮𝐦𝐛𝐞𝐫𝐬 The true value isn't just in products and revenue. Some of the best discoveries can come from understanding what made the acquired company exceptional in their: • Human resource strategies • Cultural dynamics • Inclusion practices These are often the hidden gems that should reshape the acquiring company, not just the other way around. 3. 𝐈𝐧𝐭𝐞𝐠𝐫𝐚𝐭𝐞 𝐰𝐢𝐭𝐡 𝐇𝐞𝐚𝐫𝐭 𝐚𝐧𝐝 𝐌𝐢𝐧𝐝 Success isn't just about systems integration. It's about: • Seeing the faces behind the spreadsheets • Understanding transferable skills • Creating meaningful roles that honor expertise • Walking in their shoes through the transition 4. 𝐁𝐞 𝐚 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐏𝐚𝐫𝐭𝐧𝐞𝐫 𝐭𝐨 𝐋𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 I've watched great managers crumble during integration. And seen unexpected leaders emerge from the chaos. Here’s what differentiates: • Challenge assumptions constructively with market intelligence • Balance short-term wins with long-term strategic goals • Support decision-making with clear risk/benefit analysis • Act as a bridge between acquired and acquiring leadership teams 5. 𝐋𝐢𝐦𝐢𝐭 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐃𝐢𝐬𝐫𝐮𝐩𝐭𝐢𝐨𝐧 While integration is complex, maintaining business momentum is critical. Focus on: • Preserving customer relationships • Maintaining operational excellence • Protecting revenue streams • Keeping top talent engaged Through these integrations, I've learned that success isn't written in manuals. It's carved out in moments of uncertainty. The best strategies emerge when we dare to look beyond traditional playbooks. And see the full picture: products, people, and possibilities. 👉 To my fellow Corporate Development and M&A experts: What crucial lessons would you add from your integration experiences? Share them below so we can keep learning from each other.

Why M&A creates more value than organic growth – if you get it right There is a common belief that organic growth is better. More stable. Less risky. More sustainable. And yes — it is often easier to understand, manage and grow with. But it also has some clear limitations. That is where a well-thought-through M&A strategy can make a real difference for shareholder value development. Several studies point in the same direction: companies that do frequent, smaller bolt-on acquisitions tend to create more shareholder value over time than those growing purely organically. At the same time, large, transformative deals fail more often — mainly because of integration risk. So, what is it that M&A enables, that organic growth rarely achieves as efficiently? From my own experience — including my latest assignement as CEO at Abion, where we grew from 100 MSEK to 750 MSEK in less than four years, partly through six acquisitions, I see six positive effects: 1. Sense of urgency An acquisition changes the pace of the whole organization. Focus becomes sharper. Decisions are made faster. Execution improves. It creates a different kind of energy. More forward leaning. 2. Time Building the same revenue, customer base or capabilities organically often takes years. A good acquisition compresses time and allows the company to take bigger steps, faster. 3. Customers and cross-selling You don’t just get more revenue. You get access to new customer relationships, new needs and new ways to expand your offering. This is often where a lot of additional the value should materialize. 4. New markets M&A can be a faster and sometimes less risky way to enter new geographies or segments compared to building from scratch. 5. Talent and capabilities You are not only buying revenue. You get people, experience, specialist knowledge and leadership capacity. The right acquisition strengthens the organization on multiple levels. 6. Technology At its best, an acquisition can be a shortcut to new offerings and stronger product capabilities. In reality, this is often one of the biggest opportunities — but also one of the hardest to fully realize. A well-executed M&A strategy is not only about growing faster. It changes the company fundamentally — the pace, the market position, the capabilities, the offering, and sometimes even the mindset. But the deal is only the starting point. The real value is created — or destroyed — in what happens next. In my next post, I will share why some M&A strategies fail — and what it actually takes to make them work in practice.

Everyone loves to talk about the strategy behind M&A deals. But the thing I’ve learned watching FMCG leaders up close? Deals don’t fail because of bad strategy. They fail because of people. It’s never the financial model that breaks first — it’s leadership misalignment. I see it happen all the time in FMCG — especially in Private Equity backed environments. The model looks perfect on paper: → Acquire a few fast-growing brands → Roll them into a global portfolio → Drive efficiencies, cost synergies, market expansion But then the integration starts — and suddenly things look very different. Because what the spreadsheet doesn’t tell you is: → The founder isn’t used to quarterly board meetings with EBITDA pressure → The CMO is still running a startup playbook in a scaled organization → The CEO doesn’t align with the go-to-market model in a new geography → The commercial leaders can’t navigate two different company cultures merging overnight And this happens more than most will admit. In fact — Bain & Company data shows 70% of M&A deals underperform expectations. And culture is one of the top 3 reasons. In the FMCG space — where brands carry legacy pride and deeply embedded ways of working — leadership integration is no longer “important.” It’s non-negotiable. Great M&A outcomes today don’t just come from smart strategy. They come from: → Leadership teams that trust each other faster than the market moves → Leaders who can flex between entrepreneurial scrappiness and corporate discipline → People who know when to protect brand identity — and when to evolve it And here’s what I tell my clients: If leadership alignment is not your #1 risk mitigation strategy in M&A — you’re not just betting on growth. You’re betting on luck. The smartest investors I work with in FMCG? They’ve learned this the hard way. They’re doing culture diligence as seriously as financial diligence. They’re assessing leadership “integration readiness” before the deal closes. They’re hiring talent not just for operational excellence — but for the ability to navigate ambiguity, pressure, and transformation. Because the future of FMCG M&A won’t be won by the best strategy. It will be won by the best people. Drop me a message — I’m always up for a conversation on building high performing teams. #FMCG #ExecutiveSearch #PrivateEquity #MergersAndAcquisitions #Leadership #CultureIntegration #ConsumerGoods #HiringStrategy

M&A “String of Pearls” strategy Using Merck's Deal to break the jargon As a markets person, I had not heard of this term until last week, but it’s a very simple idea. Instead of making one huge, high-risk acquisition, a company collects a series of smaller, targeted deals over time. Each one adds a specific capability, product, or technology. Individually, they may not transform the company but together they reshape its future. Last week’s $9.2 billion Merck-Cidara deal is a textbook example. With Keytruda, a >$20 billion a year cancer drug losing patent protection in 2028, Merck isn’t searching for one single replacement. It’s building a necklace: ↳ Acceleron ($11.5bn) pulmonary hypertension ↳ Verona Pharma ($10bn) COPD (Chronic Obstructive Pulmonary Disease) ↳ Cidara ($9.2bn) long-acting flu protection (CD388) ↳ Plus heavy internal R&D investment Each deal adds a 𝘱𝘦𝘢𝘳𝘭 that extends Merck’s pipeline, smooths the revenue cliff, and spreads scientific and commercial risk across multiple assets and therapeutic areas. That’s the power of the strategy: ↳ Diversification without dilution ↳ Multiple shots on goal instead of one ↳ A more predictable growth path into the next decade The phrase may sound technical, but it’s simply good portfolio management, applied to M&A.

Navigating Acquisitions: Key Considerations for Software #Startups 🚀💼 Thinking about selling your software #startup? The decision to pursue a merger or acquisition (M&A) is a pivotal moment that requires careful planning and strategic alignment. Based on insights from Volaris Group's The Ultimate Guide to Selling Your Software Company (2025), here are key factors startups should consider when approaching an acquisition: (1) Merger vs. Acquisition: Decide whether a merger (integrating with a complementary business) or an acquisition (operating standalone or absorbed) aligns with your goals. For instance, mergers suit smaller startups seeking access to larger customer bases, while acquisitions are ideal for market leaders with strong brand recognition. (2) Customer Impact: Choose an acquirer committed to maintaining your product and service quality. Ask: Will they invest in your software, or force customers to migrate? Will support remain consistent? Prioritizing customer trust ensures your legacy endures. (3) Employee Development: A great acquirer invests in your team’s growth. Look for buyers with a culture of collaboration, clear talent management strategies, and opportunities for professional development to secure your employees’ future. (4) Strategic Fit and Values: Align with an acquirer whose values and growth strategies match yours. Investigate their track record—do they foster long-term growth through R&D investment, or focus on short-term gains? A shared vision is critical for success. (5) Avoid Common Pitfalls: Don’t wait too long to sell, as market conditions can shift. Ensure transparency during due diligence and prioritize deal structure over price alone—earnouts and contingencies can impact your outcome. (6) Prepare Thoroughly: Build a strong M&A team (CEO, CFO, CTO, legal counsel) and create a comprehensive Information Memorandum to showcase your company’s value. Address technical debt and refine your growth story to boost valuation.

𝐃𝐞𝐚𝐥-𝐌𝐚𝐤𝐞𝐫'𝐬 𝐂𝐨𝐦𝐩𝐚𝐬𝐬: 𝐔𝐧𝐥𝐨𝐜𝐤𝐢𝐧𝐠 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐕𝐚𝐥𝐮𝐞 𝐭𝐡𝐫𝐨𝐮𝐠𝐡 𝐓𝐢𝐦𝐞𝐥𝐞𝐬𝐬 𝐏𝐫𝐢𝐧𝐜𝐢𝐩𝐥𝐞𝐬 This in-depth analysis explores the four cornerstones of corporate finance, offering a seasoned professional's perspective on their application in the dynamic world of #mergersandacquisitions. By delving into real-world examples and experiences, the article provides a practical understanding of how these principles guide value creation, conservation, and strategic decision-making. 𝐖𝐡𝐲 𝐅𝐢𝐧𝐚𝐧𝐜𝐞 𝐚𝐧𝐝 𝐌&𝐀 𝐏𝐫𝐨𝐟𝐞𝐬𝐬𝐢𝐨𝐧𝐚𝐥𝐬 𝐒𝐡𝐨𝐮𝐥𝐝 𝐑𝐞𝐚𝐝 𝐓𝐡𝐢𝐬: [1] Practical Application: This piece bridges the gap between theoretical concepts and real-world scenarios, offering actionable insights for M&A professionals. [2] Strategic Decision-Making: Gain a deeper understanding of how growth, ROIC, cash flows, and ownership dynamics influence deal success. [3] Navigating Market Complexities: Learn how to interpret market signals, manage investor expectations, and avoid pitfalls like earnings management and stock market bubbles. [4] Long-Term Value Creation: Discover how to balance short-term gains with sustainable growth and build businesses that thrive in the long run. My extensive experience in M&A and deal-making has given me a unique perspective on the practical application of these principles. I've witnessed firsthand the successes and failures that arise from their implementation, and I've developed a deep understanding of the strategic and financial nuances involved in value creation. By sharing my insights and experiences, I aim to provide a valuable resource for finance and M&A professionals navigating the complexities of the corporate world. #corporatefinance #strategy

India’s biggest mergers weren’t about size. They were about survival, scale, and strategic control. Over the last two decades, India has seen $150+ billion worth of landmark M&A deals, reshaping banking, telecom, steel, energy, pharma, and digital commerce. These weren’t headline-driven transactions. They were responses to structural shifts in the economy. What the numbers reveal: • HDFC Bank–HDFC merger ($40Bn) created India’s largest private financial institution, driven by regulatory alignment and balance-sheet efficiency • Vodafone–Idea ($23Bn) was a defensive merger in a hyper-competitive telecom market post-Jio disruption • Walmart–Flipkart ($16Bn) signaled global confidence in India’s digital consumption story • Tata Steel–Corus ($12Bn) marked India’s early global expansion ambitions • Airtel–Zain Africa ($10.7Bn) aimed at international footprint and spectrum access • Adani–ACC & Ambuja ($10.5Bn) consolidated India’s infrastructure and cement supply chain • Reliance–Disney ($8.5Bn) reflects the race for content, distribution, and ad dominance • ONGC–HPCL ($5.8Bn) strengthened energy integration and capital efficiency • Pharma deals like Sun–Ranbaxy, Biocon–Viatris focused on scale, compliance, and global reach Why these mega-deals happened: • Liberalization and regulatory clarity enabled consolidation • Capital-intensive sectors demanded scale to stay competitive • Post-crisis cleanups forced balance-sheet repair • India’s consumption and digital growth attracted global capital • Market leaders chose consolidation over price wars • Synergies mattered more than organic growth The pattern is clear: India’s biggest M&As happen when industries reach inflection points. Telecom consolidated when margins collapsed. Banking merged when regulation tightened. Media merged when attention fragmented. Infrastructure consolidated when execution scale became critical. Today, with India growing at 6.5% GDP, strong equity markets, and rising domestic capital, the next wave of M&A will likely come from financial services, energy transition, digital platforms, and manufacturing. The lesson for founders and investors: M&A in India is not opportunistic. It is evolutionary. Those who read the cycle early don’t just survive. They redefine the industry Follow Anirban Majee #MergersAndAcquisitions #IndianEconomy #BusinessStrategy #CapitalMarkets #CorporateIndia #Banking #Telecom #Energy #Pharma #DealMaking #LinkedInThoughtLeadership

M&A activity is accelerating in 2025 with deals like Aviva 's £3.7bn Direct Line takeover and the $22.5B ConocoPhillips Marathon Oil merger reshaping industries. But did you know that 33% of acquired employees leave post-acquisition, and culture misalignment is the #1 reason acquisitions fail? AI ALPI analyzed 75+ major acquisitions this quarter and found that HR involvement from day one of M&A discussions increases success rates by 40%. The most successful deals all shared one thing: CHROs were equal partners with CFOs during due diligence. Key insights for HR leaders: → Pre-merger involvement is crucial: It makes good business sense to involve HR earlier because we provide a different point of view and will ask different questions → Culture fit predicts success: Companies with high employee-engagement scores are 3x more likely to achieve post-merger synergies. Smart acquirers review Glassdoor scores before making offers ↳ 65% of 2025's healthcare M&A deals focus on therapeutic specialization rather than scale, requiring careful talent retention strategies → Speed matters: The integration timeline should be as short as possible. The quicker you integrate the two businesses the better While 59% of CEOs now prioritize acquisitions over organic growth (up from 42% in 2024), only 22% of companies use specialized M&A workflow software for people integration! 🔥 Want more breakdowns like this? Follow along for insights on: → Getting started with AI in HR teams → Scaling AI adoption across HR functions → Building AI competency in HR departments → Taking HR AI platforms to enterprise market → Developing HR AI products that solve real problems

How M&A Has Changed Over the Last 4 Decades One question I often get is how has m&a changed during the course of my career. In case you are interested, here is my take on the development of m&a from the early 1980s to now. Late 20th Century First Wave (1981-1990): M&A activity became more strategically focused, with companies pursuing deals in similar or complementary businesses to achieve synergies. This period saw an increase in hostile takeovers and leveraged buyouts. Second Wave (1993-2000): Globalization and technological advances drove international M&A activity. Companies sought to expand their global reach and adapt to the emerging digital economy. 21st Century (2000-present): M&A has become increasingly driven by technological advancements and ongoing globalization. Key trends include: 1. Digital Transformation: Companies are acquiring tech firms to accelerate their digital capabilities and innovation. 2. Cross-Border Deals: There’s a continued focus on international expansion, with technology expected to see the highest growth in inbound cross-border M&A in 2024. 3. Industry Consolidation: M&A is used to consolidate fragmented industries, allowing larger companies to gain dominant market positions and increase pricing power. 4. Strategic Growth: Rather than pursuing monopolistic control, modern M&A is often aimed at achieving strategic objectives such as entering new markets, acquiring new technologies, or expanding product lines. 5. Private Equity Involvement: Private equity firms have become major players in the M&A landscape, using acquisitions to build and optimize portfolio companies. 6. ESG Considerations: Environmental, Social, and Governance (ESG) factors are increasingly influencing M&A decisions, both as drivers and potential obstacles to deals. Current Trends Today, M&A has become institutionalized as part of how companies manage their capital structure. It’s no longer viewed as a “swashbuckling, Saturday-night-special” style of dealmaking, but rather a strategic tool for growth and adaptation. The role of M&A continues to evolve, with artificial intelligence emerging as a hot topic. A third of companies are now looking to acquire AI businesses, highlighting the growing importance of technology in driving M&A activity. In conclusion, the role of M&A has transformed from a means of market domination to a sophisticated strategy for corporate growth, innovation, and adaptation to changing market conditions. As the business landscape continues to evolve, M&A remains a critical tool for companies seeking to stay competitive in an increasingly global and technologically advanced economy. #MergersAndAcquisitions #Economy #Business #Finance #Technology #Transformation #Globalization

M&A can fuel growth or destroy value overnight. Most companies focus on numbers. They forget about operations. Here’s how one deal soared — and another crashed: → Success Story: A tech firm bought a competitor to expand its product line. They nailed financial and operational alignment from day one. Clear roles. Aligned culture. Smooth transition. Result? 30% market share boost in one year. → Failure Story: A manufacturer acquired a supplier to control the supply chain. Financials were solid — but operations were a mess. Poor integration. Key talent left. Production delays followed. Millions lost. Deals canceled. Disaster. M&A isn’t just about the deal — it’s about execution. If you aren’t operationally ready, don’t pull the trigger.