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"Research: How Many M&A Advisors Do You Really Need?"

An analysis of 10,000 asquisitions finds the market performance of firms with two or more advisors tends to be worse than those with just one.

Every year, companies pursuing M&A deals spend nearly $40 billion on advisors.  These investment bankers, Lawyers, and other professionals are hired to provide domain-specific expertise to the acquirer or acquiree, an independent “second opinion” for the board, or other services to help close a deal. But do they actually add value to the mergers and acquisitions they’re meant to support?

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