Access to new markets and customers, expansion of the product portfolio, acquisition of key talent, exploitation of cost synergies - however different the objectives of various M&A activities may be, the overriding goal is always to realize significant synergy effects so that the integrated business is greater than the sum of its parts. However, in two out of three cases this ambitious goal is not achieved. Based on experience, the decisive reason is usually the poor implementation of the post-merger integration, i.e., the integration of the target company.