• Synergy targets are rarely achieved reliably: only 5 percent of respondents report full target achievement in more than 80 percent of their transactions - just 42 percent have assumptions formally and independently reviewed before signing.
• Revenue potential comes into focus too late: 42 percent only start planning after signing, and for 53 percent cost synergies account for at least 60 percent of announced targets.
• Consistent steering is lacking after closing: only 5 percent track synergies in real time - companies should clarify responsibilities early and systematically tap additional potential.

Munich, November 2026 - Business combinations promise lower costs, additional revenue and greater value. Yet there is a considerable gap between the synergy promise and its implementation. This is shown by the Roland Berger study "The synergy solution", based on an international survey of 55 experienced M&A professionals. 62 percent of respondents say that fewer than 60 percent of their transactions over the past five years achieved their full synergy targets. Only 5 percent report that this was the case for more than 80 percent of their transactions. The study often sees the causes before signing: assumptions turn into binding commitments too early, without their feasibility being sufficiently tested and secured.

A key weakness is the lack of independent review of synergy assumptions. Only 42 percent of respondents have a formal internal or external review body before signing. The rest rely on informal reviews or forgo independent review altogether. Under pressure to close a deal, the decisive question fades into the background: can the organisation actually deliver the promised synergies? Roland Berger recommends testing key assumptions before signing against robust data, realistic timelines, implementation costs and operational dependencies. A responsible owner should also be named early for each major value lever.

Additional revenue potential is also often prepared too late. 42 percent of respondents only begin planning revenue synergies after signing. At the same time, cost reductions dominate: for 53 percent, cost synergies account for at least 60 percent of announced synergy targets. While savings are comparatively easy to calculate and allocate, additional revenue depends largely on cooperation between the organisations involved. Joint account management, cross-selling and coordinated pricing require trust, clear responsibilities and appropriate incentives. The study therefore recommends identifying cultural and organisational prerequisites early, retaining key staff and preparing collaboration before closing.

The implementation gap continues after closing. Only 5 percent of respondents use a real-time synergy tracking overview. 40 percent rely on quarterly or annual reviews or do not track synergies systematically after closing. This risks delays between detecting deviations and the necessary management decisions. In addition, potential identified later rarely makes up fully for missed commitments: 76 percent report that such additional levers close the gap to the targets promised at signing only partially, marginally or not at all. Just 4 percent say the gap was fully closed.

The consequence: companies should organise synergy realisation as a continuous leadership task - from initial review to well beyond closing. So far, only 22 percent of respondents set up central integration management with clear decision rights before signing. The approach developed by Roland Berger combines five tasks: validating synergy assumptions, defining decision rights, preparing the organisation for implementation early, unlocking new value potential after closing, and consistently tracking the financial contribution. A shared steering overview should show committed and realised synergies, targets at risk, additional potential and required decisions separately. New opportunities must not be used to mask insufficient delivery of original commitments.

About the study
The Roland Berger study "The synergy solution" is based on a survey of 55 experienced M&A experts worldwide, conducted on behalf of the consultancy by global expert network provider GLG.

This text was automatically translated from the German original.