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aswath damodaran stern school of business …(aswath damodaran斯特恩商学院u2026)
1
The Value of Synergy
Aswath Damodaran
Stern School of Business
October 2005
2
The Value of Synergy
Many acquisitions and some large strategic investments are often justified with
the argument that they will create synergy. In this paper, we consider the various sources
of synergy and categorize them into operating and financial synergies. We then examine
how best to value synergy in any investment and how sensitive this value is to different
assumptions. We also look at how this synergy value should be divided between the
parties (or companies) involved in the investment. We conclude with an empirical
examination of how much synergy is actually created in corporate mergers, and how
much is paid. Synergy, we conclude, is so seldom delivered in acquisitions because it is
incorrectly valued, inadequately planned for and much more difficult to create in practice
than it is to compute on paper.
3
When Carly Fiorina argued for Hewlett-Packard’s acquisition of Compaq, she offered
a number of of reasons the deal made sense. She noted that the combined company would
be able to meet the demands of customers for “solutions capability on a truly global
basis.” She also claimed that the firm would be able to lead with its products “from top
to bottom, from low end to high end.” As her crowning argument, she claimed that the
merger made sense because it would create “synergies that are compelling.”
Synergy, the increase in value that is generated by combining two entities to create a
new and more valuable entity, is the magic ingredient that
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