By PwC
As organisations look to reshape their portfolios and drive long-term growth, M&A is increasingly being used as a strategic lever for transformation.
According to PwC’s Global M&A industry trends: 2026 mid-year outlook, transactions valued above $5 billion are expected to account for 48% of global deal value in 2026, up from 39% in 2025 and 26% in 2024. This points to a market where deals are becoming larger, more strategic, and more complex. Companies are also using acquisitions to enter new sectors and geographies, gain new capabilities, and accelerate transformation. The opportunity can be significant, but value isn’t created when the deal is signed; rather, it’s created when businesses are brought together in a way that works.
That’s where M&A integration becomes critical. Complexity can sit across systems, supply chains, customer processes, reporting structures, people, cultures, and ways of working. These areas are interconnected, so decisions made in one part of the business can quickly affect another. For example, changes to a system may influence finance processes, customer experiences, and reporting, while decisions relating to the supply chain may affect service levels, contracts, and customer confidence. If these interdependencies are not managed effectively, the business may struggle to realise the expected value.
When undertaking an M&A integration programme, many companies choose to rely on their own teams to lead the process. Internal teams understand the business, know how decisions are made, and have established relationships across the organisation. When acquisitions are a regular part of the company’s growth strategy, this approach can work well, particularly when there are experienced teams, clear playbooks, and a well-developed understanding of what needs to happen during integration.
The challenge is different for companies that pursue acquisitions less frequently. Some organisations may only complete a handful of acquisitions over their lifetime. In these cases, internal teams may understand the business, but they may not have enough practical integration experience to anticipate where risks usually appear, which decisions need to be made early, or how quickly dependencies can build.
This is often where internally led integration starts to struggle. The issue isn’t capability alone. It is capacity, structure, and experience. Leaders are still expected to run the business, serve customers, support employees, and meet performance targets while also managing integration. When integration is added to an already full agenda, decisions can slow, dependencies can be overlooked, and value realisation can be delayed.
Research indicates that even experienced organisations find M&A integration difficult. PwC’s Acquisitions and Integrations Survey found that 85% of executives reported experiencing significant challenges during integration, while only 14% reported significant success across key integration measures. This reinforces the point that integration needs more than good intent. It requires disciplined execution, clear accountability, and sustained focus to deliver the value envisioned at the outset of the transaction.
Leading an integration internally isn’t always the wrong answer. The more important question is whether the organisation has the experience, capacity, and structure to execute it effectively. For some organisations, internal teams may be sufficient. For others, particularly where the deal is large, complex, or unfamiliar, combining internal knowledge with targeted external support can strengthen execution and reduce integration risk.
That support is not about replacing internal teams. It’s about helping them navigate complexity, maintain momentum, and remain focused on value creation. When integration is treated as a focused value creation effort, rather than an additional task, the business is better positioned to turn the deal rationale into lasting results.