Strategy research on mergers and acquisitions has focused on classifying mergers into related, unrelated categories and recently according to strategic motives. By contrast, we focus on how the combined resources of the merging firms interact to create value. We identify five primary types of resource interactions and examine their inherent post-merger-integration challenges as well as their probabilities of successful value creation and capture. By using this lens, acquirers will be able to identify the primary sources of value in any acquisition that they are contemplating and anticipate post-merger obstacles in realizing this value. This framework will also enable managers to reconsider acquisition strategies that they have avoided because of the poor batting average of acquisitions in general.