Post-Merger Integration (PMI)
Most mergers and acquisitions fall short of the value expected of them, and poor integration is one of the most frequently cited causes. We design and run your 100-day post-merger integration (PMI) plan to bring operations, systems, teams and cultures together without destroying value. And we go one step further: we connect the deal to the public grants and R&D&I tax deductions available in Spain, so the investment you make after the acquisition pays off.
Is this right for your company?
Who it is for
- ✓Industrial SMEs that have just completed an acquisition or merger
- ✓Family businesses folding an acquired company into their group
- ✓Industrial buyers growing through consolidation (buy and build)
- ✓Management teams that need to capture synergies without slowing the day-to-day business
What it covers
- ✓A 100-day integration plan with milestones, owners and governance
- ✓Integration of operations, IT systems, HR and culture
- ✓A synergy map with quantified targets and rigorous tracking
- ✓Change management and communication to teams and customers
What Tecnocim adds
- ✓We connect the integration to public grants for post-deal investment
- ✓We identify projects eligible for R&D&I tax deductions (art. 35 LIS)
- ✓Fit with the régimen de neutralidad fiscal FEAC (tax-neutral reorganisation regime) where it applies
- ✓Valuation of related-party transactions at market value (art. 18 LIS)
The results we aim for
- ✓Synergies actually captured, and less risk of destroying value
- ✓Key talent retained through the transition
- ✓Operational and commercial continuity, with no disruption for the customer
- ✓A return on the investment through tax incentives and public grants
How we work
Assessment and plan design (pre-Day 1)
We define the governance structure for the integration, identify the key talent to retain and map the priority synergies. Planning starts before completion, so that Day 1 arrives with a plan you can act on.
Day 1 and stabilisation
We secure operational, commercial and people continuity from the first day. We communicate with teams, customers and suppliers, and set up the integration management office (IMO) to coordinate the work streams.
The 100-day plan: integrate and capture
We deliver the integration of operations, IT, HR and culture, prioritising synergy quick wins. We manage the change to limit talent loss and business disruption, tracking progress against the targets.
Post-deal tax and incentive optimisation
We connect the deal and the investment that follows to public grants, the FEAC tax-neutral reorganisation regime where it applies, R&D&I tax deductions and the correct valuation of related-party transactions, so the acquisition pays off.
The levers of an integration that creates value
We work in parallel on the fronts that decide whether the deal succeeds or fails
Governance and the 100-day plan
Integration management office (IMO), milestones, owners and tracking. The first 100 days are the critical window in which to establish governance and capture the first synergies (McKinsey & Company).
People and culture
Retaining key talent, managing change and communicating. Culture clash and talent loss are among the most frequently cited causes of value destruction in a merger.
Operations, IT and tax
Integration of processes and systems, capture of synergies and tax optimisation: FEAC tax neutrality, R&D&I tax deductions (art. 35 LIS) and valuation of related-party transactions (art. 18 LIS).
Integration and incentives go hand in hand
See how we connect post-merger integration with public grants and R&D&I tax deductions, so your investment pays off.
See innovation servicesWhy Tecnocim
Companies advised
Years of experience
Project success rate
Frequently asked questions
Post-merger integration (PMI) is the process of bringing together the operations, systems, teams and cultures of two companies after a merger or acquisition. It matters because, according to Harvard Business Review (2011), between 70% and 90% of deals fall short of the value expected of them, and poor integration is one of the most frequently cited causes. A structured plan reduces the risk of destroying value.
The first 100 days after completion are seen as the most critical period for capturing value. According to McKinsey, this is the window in which governance is set, stakeholders are informed, key talent is retained and the first synergies (quick wins) are started. Missing this moment usually means value erosion, uncertainty and the loss of customers and talent.
The ones most often cited are culture clashes between the two organisations, poor communication with employees and customers, the loss of key talent during the transition, overestimated synergies in the due diligence, and the absence of a clear integration plan and governance. A well-run PMI anticipates every one of them.
As well as running the operational integration, we connect the deal to the incentive ecosystem: we identify public grants for the investment that follows the acquisition, projects eligible for R&D&I tax deductions (art. 35 LIS) and the possible fit with the FEAC tax-neutral reorganisation regime. That way the investment pays off beyond the closing of the deal.
Yes. Mergers, demergers, contributions of assets and share exchanges can elect into the special FEAC regime (Chapter VII of Title VII of Ley 27/2014, the Spanish corporate income tax act), which defers taxation of the capital gains. There must be a valid economic reason: the regime does not apply where the main purpose of the deal is tax fraud or tax avoidance (art. 89.2 LIS). We assess the fit case by case.
Once the acquired company is part of the group, transactions between related entities must be valued at market value, under the arm's length principle of article 18 of Ley 27/2014, with the documentation obligations that come with it. We support you on this, to avoid tax exposure later on.
Structural changes, mergers included, are currently governed by Real Decreto-ley 5/2023 of 28 June, which repealed Ley 3/2009 and transposes EU Directive 2019/2121. It sets out the procedures and the protection of shareholders, creditors and employees in the deal.
Just completed a deal? Make sure it does not destroy value
We help you integrate the acquired company and capture the synergies, starting with an initial consultation without commitment.
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