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In short, it is realizing the value creation opportunities

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beyond the direct synergies, but it's also creating

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a platform for the future and making sure

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the company is positioned to win

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in the medium and the long term.

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We often get asked, "What is it that we need to realize

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in a post-merger integration?"

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Realizing the cost synergies, ensuring a smooth day one,

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and retaining the key talent.

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That used to be the benchmark of a successful PMI.

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Today, it no longer is.

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We looked at transformative PMIs.

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The truth is, they are much harder to pull off.

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When they succeed, the value creation is outstanding,

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and it's way beyond that of peers.

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The ones who succeed,

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they enter it with a different mindset.

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First of all, they see transformation

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as a normal state for successful companies.

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More importantly, beyond that,

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they see the PMI as an opportunity to expand

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and accelerate the transformation they're in.

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They commit to change, invest into the integration,

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and address culture holistically.

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As there often is significant time between signing

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and closing, you need to leverage that time maximally.

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Any standalone measures, you should implement immediately.

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For the rest, you should use the time to plan in detail.

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And most importantly, after closing,

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with all the initiatives in motion,

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you need a rigorous program governance

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to ensure executional certainty.

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Also we at BCG approach transformation and PMIs differently.

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We combine deep PMI expertise with people from BCG TURN

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or transformation specialist unit.

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These nuclear schemes, we complement further

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with functional topic experts in areas such as procurement,

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IT, or supply chain, just to name a few.

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The strength and the resilience built into companies

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who have undergone a transformational PMI is outstanding.

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To get it right, the rewards are there.