Abstract

This article aims to develop econometric model suitable for valuation of synergies in Russian domestic M&A deals. The authors test several empirical hypotheses about factors of synergy creation in 2006–2014. The article looks into various ways to estimate synergies based on financial statements of companies that participated in the deal. Success rate of deals and synergy structure is estimated for the whole sample and for growth and crisis periods. Most important factors of synergy are estimated, and robustness of these factors during growth and crisis periods is analyzed.

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