Why do most M&A deals fail to be accretive?

  • Management egos driving the desire to run a larger and more prestigious company even though synergies aren’t there
  • Lack of culture and fit; geographical differences
    Integration more expensive than expected
  • Businesses are too fundamentally different and management does not have the expertise / capacity / focus to manage it effectively
  • Synergies not realized (at all / or in insufficient time); easy to overestimate synergies, especially revenue synergies