A clear strategic vision, a qualified team of advisors and a strong integration plan are the three most important success factors in cross-border deals. This is evident from the M&A Trend Survey Benelux 2024 / 2025 by M&A and Ansarada.

‘A clear strategic vision’ was the most frequently mentioned key success factor in cross-border deals, according to participants in the M&A Trend Survey Benelux 2024/2025 by M&A and Ansarada.

Nearly half (48 percent) of the Dutch and Belgian M&A professionals who participated ranked this as the top factor. It was followed by ‘a qualified team of advisors’ (44 percent) and ‘a solid integration plan’ (40 percent). These findings are echoed by the 35 dealmakers interviewed live by M&A's editorial team.

They also view a clear strategic vision as a kind of compass, guiding all aspects of the deal – from the initial negotiations to the final integration. In the words of Ida Kuijken, partner at private equity firm Fortino Capital: "Even before closing a deal, it's important to define your 'North Star': where do you want to be in 5, 7, or 10 years? This vision drives your decisions, including which short-term actions to prioritize and how M&A fits into your overall strategy."

Jan-Hendrik Horsmeier, Partner at law firm Clifford Chance, adds that “a very strong technical vision” is essential as part of the factors that contribute to success. This underlines that the strategic vision must not only be broad, but also in-depth and technically substantiated.

Naturally, "the management and owners of the acquiring company are responsible for the vision", as Karel Pinxten, Partner in Mergers & Acquisitions at Deloitte Belgium, points out. However, many tasks can be delegated during execution, both internally and externally.

External advisors can play a key role in the deal process, helping to navigate the numerous challenges that may arise. Sjoerd Peijster, Manager of Corporate Development at construction company Strukton, highlights the importance of "a qualified cross-border advisory team to bridge cultural and communication gaps, especially when understanding the nuances of negotiations in different countries." Marco Gulpers, Head of Corporate Finance M&A Netherlands at ING Bank, emphasizes that it's crucial for advisors in cross-border M&A deals to guide him through the maze of complex legal requirements.

Advisors can be involved in both ‘inbound’ and "outbound’ deals. Joost den Engelsman, Head of Private Equity at law firm NautaDutilh, notes that while large private equity investors from the US and UK often work with their own advisors, there is a growing trend where these investors recognize the value of local advisors, particularly in legal and financial matters. "In these cases, a qualified local team can be extremely valuable", he says. This is also the experience of Tom Beltman, Owner of corporate finance specialist Marktlink Mergers & Acquisitions: "Marktlink works with local advisors who understand the language and culture for a reason – this helps in explaining and interpreting matters for local entrepreneurs."

A strong integration plan is essential to realize the intended synergies. Several dealmakers emphasize its importance. Ida Kuijken, for example: “It's important to have a clear timeline of milestones and assign roles and responsibilities. You need to know which aspects of the business you want to integrate, whether it's the tech stack, talent or customer base.”

Jan-Hendrik Horsmeier adds: "You just have to make sure you really think about what the plan is for the first 100 or 200 days. You should already have that plan before you even get the keys."

Marc Habermehl, M&A Partner at the law firm Stibbe, also stresses the importance of developing the integration plan early in the deal process – and then adhering to it. "You need a realistic understanding of your goals and a clear timeline for achieving them. Successful mergers often depend on having a stable, long-term vision and the discipline to stay on course, even when challenges emerge during the initial stages of integration."

For a cross-border deal to be successful, dealmakers must have a solid understanding of the challenges and key success factors. By focusing heavily on a clear strategic vision, surrounding themselves with skilled advisors, and creating and executing a strong integration plan, they can maximize their chances of success and minimize risks.

However, that’s not the whole picture. As the research by M&A and Ansarada shows, other factors are also important. According to the respondents, the following factors – listed in decreasing order of importance – are effective communication, thorough due diligence, and adequate financing.