Do serial acquirers perform better than first-time acquirers? – A study in the perspective of Norwegian acquirers

Abstract

Using a sample of 26 Norwegian merger and acquisition (M&A) transactions, we empirically investigate if serial acquirers perform better than first-time acquirers, focusing on learning and post-merger integration (PMI) problems. We perform factor analysis to develop five hypotheses regarding the firms’ strategic position, operational integration, organizational culture, integration processes, and the overall outcome. The results show that serial acquirers (experienced) generally perceive their performance as more successful than first-time acquirers (inexperienced) on the topics and issues researched. We argue that learning and experience from previous M&A deals increase the success rate of integration outcome compared to first-time acquirers. Lastly, we discuss our findings, limitations, and suggest paths for future research.