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Shoring up existing secondary business units is a winning M&A strategy

Our analysis of more than 1,000 of the world’s prominent public companies between 2007 and 2017 showed that those that focused their M&A on secondary industry segments where they were already playing returned more to shareholders than those who focused M&A closer or further away from their core business.

Top performers tend to aim their M&A outside the core—but not too outside.
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To read the article, see “Why you’ve got to put your portfolio on the move,” July 22, 2020.