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Patent-driven M&A - an inside-out approach on pre- and post-acquisition operational performance
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Resumo(s)
The acquisition of technology entails one of the main knowledge
gathering strategies of modern-day companies. This Work Project
analyses the operational performance and the synergies in the
acquisition of Osram Licht AG by ams AG. I find evidence of post acquisition operational performance deterioration on key financial
indicators such as operational margin, operational asset turnover,
return on invested capital and return on equity, at least in the short term. Even though this patent-driven acquisition generated a net
synergy of EUR 2,648 million, non-negligible financial dyssynergies
also seem to be present, particularly associated to higher WACC
conditions.
Descrição
Palavras-chave
M&A Operational performance Operational synergies Intangible assets