Integration managers’ value capturing roles and acquisition performance

Whilst the management of the acquisition process has repeatedly been found to be of significance, little evidence exists as to the ways in which managerial action throughout this process comes to impact acquisition performance. In this paper, we draw attention to the central, yet largely neglected figure responsible for the implementation of mergers and acquisitions (M&A), namely ‘the integration manager’. Drawing from an extensive study of nine related, friendly acquisitions involving 166 interviews, we find that integration managers affect acquisition performance by capturing value derived from (1) the pre-acquisition phase, (2) the acquiring firm, and (3) the acquired firm. Through their in/action, integration managers affect two sources of economic performance: the extent of additional value created and the extent of value leaked. The findings contribute to enriching our knowledge of acquisition process management and are a call for more actor-based, micro level studies on the ways in which the management of the acquisition process and the actors therein affect acquisition performance.