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Firms should have customers in mind when structuring a deal, write Luiz Zorzella and Ken Smith.

When one company acquires or merges with another one in search of revenue synergies, they both face greater risks than if they were aiming at cost synergies: while cost synergies can be forced top-down, revenue synergies depend on customers’ reactions.

Business leaders often equate “risk” to “things can […]