Chapter

Acquisitions, Acquisition Programs, and Acquisition Capabilities

Thomas Keil, Tomi Laamanen and Aino Mäkisalo

in The Handbook of Mergers and Acquisitions

Published in print June 2012 | ISBN: 9780199601462
Published online September 2012 | e-ISBN: 9780191743320 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199601462.003.0006
Acquisitions, Acquisition Programs, and Acquisition Capabilities

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Chapter 6 reviews and synthesizes literature on acquisition experience and the emergence of acquisition capabilities. While most prior literature has focused on capabilities to execute individual transactions, this chapter complements this literature with an acquisition program perspective. The chapter suggests that firms that engage in a series of acquisitions aimed at a common goal benefit, particularly from developing capabilities to design the scope of their acquisition program, to pace their acquisitions within the program, to acquire optimally sized, and strategically, organizationally and culturally fit targets within the program, and to manage multiple simultaneous integration processes. The chapter briefly discusses the performance implications of such capabilities, as well as pathways to building them.

Keywords: acquisition experience; acquisition capability; acquisition program; serial acquirer; performance

Chapter.  8170 words.  Illustrated.

Subjects: Financial Institutions and Services

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