Table 128 Aug 2026From “Promised synergies need a ledger”

Why is the M&A synergy panel twelve discrete transaction rows rather than an industry average?

Table 1Why is the M&A synergy panel twelve discrete transaction rows rather than an industry average?

Deal	Announcement value	Later public signal	Ledger state
Pfizer and Seagen	US\$43 billion enterprise value	About US\$800 million annual cost synergies by 2025, with an approximately US\$1 billion 2026 target	Revised, partial management result
Chevron and Hess	US\$53 billion equity value, US\$60 billion enterprise value	Initial US\$1 billion target reported achieved, later US\$1.5 billion annual run-rate	Confirmed then revised management series
ConocoPhillips and Marathon Oil	US\$22.5 billion enterprise value	More than US\$1 billion run-rate synergies plus separate one-time benefits	Revised management run-rate result
Newmont and Newcrest	A\$28.8 billion enterprise value	US\$500 million annual run-rate reported ahead of schedule	Confirmed management milestone
ONEOK and Magellan	US\$18.8 billion including assumed debt	US\$160 million to US\$190 million of combined first-year impacts	Later quantified, no initial baseline
Extra Space and Life Storage	US\$47 billion total enterprise value	Later filing gives merger operating and transition fields, not a same-scope bridge	Not comparable
HPE and Juniper	Approximately US\$14 billion equity value	At least US\$600 million of Juniper-related cost synergies targeted by fiscal 2028, with investment required	Later target, not realization
DSV and DB Schenker	EUR14.3 billion enterprise value	DKK800 million of 2025 synergy-related impact and a DKK9 billion annual target for 2027	Buyer-side impact, no seller baseline
Carrier and Viessmann	EUR12 billion	Proxy says cost-synergy targets were delivered, without amount or bridge	Target-delivery milestone
Gallagher and AssuredPartners	US\$13.45 billion gross consideration	Pro forma exhibit excludes expected synergies and the costs needed to achieve them	Not comparable
EQT and Equitrans	Combined enterprise value above US\$35 billion	Later filing gives operating and accounting fields, not a same-scope synergy result	Not comparable
BlackRock and HPS	Approximately US\$12 billion	Later filing gives operating-profile and accounting fields, not a quantified synergy result	Not quantified

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Source: Table from this essay. Sources and interpretation are given in the article.

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From the essay

Growth that compounds

Promised synergies need a ledger

A deal promise is not a result. Track its unit, baseline, timing, and later statement before calling a synergy realized.

28 Aug 2026

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APA 7

Isoglu, S. (2026). Why is the M&A synergy panel twelve discrete transaction rows rather than an industry average? [Table]. isoglu.com. https://isoglu.com/insights/exhibits/isoglu-2026-promised-synergies-need-a-ledger-fig01/

BibTeX

@misc{isoglu-2026-promised-synergies-need-a-ledger-fig01,
  author = {Isoglu, Sinan},
  title = {{Why is the M\&A synergy panel twelve discrete transaction rows rather than an industry average?}},
  year = {2026},
  howpublished = {Table 1, isoglu.com},
  url = {https://isoglu.com/insights/exhibits/isoglu-2026-promised-synergies-need-a-ledger-fig01/},
  note = {From the essay {Promised synergies need a ledger}}
}

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    <img src="https://isoglu.com/social/isoglu-2026-promised-synergies-need-a-ledger-fig01.png" alt="Table 1: Why is the M&amp;A synergy panel twelve discrete transaction rows rather than an industry average?" width="3200" height="2400">
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  <figcaption>Table 1: Why is the M&amp;A synergy panel twelve discrete transaction rows rather than an industry average?. Source: Table from this essay. Sources and interpretation are given in the article. <a href="https://isoglu.com/insights/exhibits/isoglu-2026-promised-synergies-need-a-ledger-fig01/">View exhibit</a>.</figcaption>
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