Mergers and acquisitions have become increasingly popular as a method for enabling growth, and in 2021, global M&A value hit an all-time high. However, as mergers and acquisitions are complex organizational events, an estimated 70-90% of acquisitions fail to deliver value and prove to be a significant waste of time and resources. This study aims to expand the knowledge on acquisitions and their underlying success factor. Specifically, the study adopts the human perspective of employee retention and investigates two main issues; How managers of acquisitions work to retain key employees and what factors affect key employees’ willingness to remain in an acquired company. Data was collected by conducting semi-structured interviews with seven respondents from six different tech consultancy firms. The respondents all work for firms that operate in Sweden and conduct international business activities. Furthermore, all firms were involved in an acquisition deal in 2020 on the Swedish market as either being an acquiring firm or an acquired firm. The study found that to retain key employees in an acquisition, managers focus on primarily using financial and non-financial incentives, communication to instill trust in the acquisition, and creating a sense of belongingness and identity in the new company. On the other hand, for key employees, primary motivating factors for staying in an acquired company were non-financial incentives in the form of development opportunities, a strong vision and commitment communicated by acquisition managers, and identification with the company.

Les intégrations post-acquisitions up-market de multinationales émergentes (EMNE) dans des économies avancées ont été peu étudiées empiriquement. Cette recherche dresse une typologie des approches mises en œuvre suite à 25 acquisitions en France d’EMNE de 13 pays différents, et analyse les déterminants de leurs choix. L’approche partenariale est majoritairement adoptée, sous diverses modalités dynamiques, mais elle n’est pas systématique. La diversité des types d’intégration révèle l’influence de l’effet du pays d’origine des EMNE sur leurs décisions stratégiques. Cet effet est exploré sous l’angle des héritages administratifs des EMNE, précisément leurs imaginaires stratégiques et politiques qui influencent leur représentation des opportunités du contexte géo-économique global. / Few studies empirically addressed emerging multinationals (EMNE) integrations following up-market acquisitions in advanced economies countries. This research establishes a typology of the approaches adopted after 25 acquisitions in France by EMNE from 13 different countries, and analyses the antecedents of their choices. Partnering approach is predominantly adopted, with several dynamic forms, but is not systematic. The diversity of integration types reveals the significance of EMNE country-of-origin effect on their strategic decisions. This effect is investigated through EMNE administrative heritages, precisely their strategic and political imagination which influence their representation of the global geoeconomics context.

This study is to investigate how acquiring firms within the Swedish construction industry work towards successful post-acquisition integration during the early stages of post-acquisition and which factors they consider when doing so. When researching the five cases, the study adopted a qualitative approach, using semi-structured interviews with five managers from acquiring firms to gather in-depth, first-hand data for thematic analysis. The empirical findings highlight the significance of corporate culture, organizational structure, and leadership structure in the integration process. Acquiring firms prioritize cultural compatibility, recognizing that differences can hinder successful integration. They also emphasize the positive impact of similar business models and the creation of new leadership groups combining resources and capabilities. Supportive leadership plays a crucial role in smoothening the integration process. To achieve a successful post-acquisition integration, firms in the Swedish construction industry focus on assessing corporate culture compatibility, restructuring leadership, and effective integration planning. They aim to integrate cultures, develop thorough integration plans, and ensure employee satisfaction and financial success. The studied cases challenges theories that emphasize organizational structure as the main obstacle in acquisitions, suggesting that cultural factors are more critical. Similarly, it contradicts theories highlighting directive leadership, emphasizing the importance of supportive leadership instead. The study contributes to the understanding of integrating human resources, cultural factors, and clear integration plans as essential elements for acquisition success.