- Improve the target companys performance
- Consolidate to remove excess capacity from industry
- Accelerate market access for the targets (or buyers) products
- Get skills or technologies faster or at lower cost than they can be built
- Pick winners early and help them develop their businesses
Other factors that are normally used as part of a "deal rationale" are shown to create value relatively rarely (Buy cheap, Enter into a transformational merger, Roll-Up strategy).