The say-versus-do divide in M&A: 2026 versus 2024
Everything has changed, but some things stay the same.
Human capital is more central to M&A than ever — but the gap between what acquirers say and what they do remains.
In this latest research, Transaction Advisors and Mercer surveyed M&A leaders at public and large private corporate acquirers to understand how human capital strategies have evolved since 2024. The findings point to real progress across the deal lifecycle, but also to persistent friction in how organizations turn strategy into action.
What the research shows
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The say-versus-do divide remains, and in some areas, it has widened.
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AI adoption is growing, but most acquirers are still experimenting, not scaling.
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Human capital risks are being addressed earlier in the deal process.
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Leading acquirers are balancing earlier planning with the need to avoid over-engineering before go/no-go decisions.
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The next challenge is clear: linking human capital decisions more directly to measurable M&A value creation.
Why this matters
M&A leaders know people can make or break deal value. The challenge is no longer awareness — it is execution.
This research shows that while organizations are making meaningful progress in how they think about human capital, many still need to move faster to build human capital into deal theses, use AI more effectively across the deal lifecycle, and align HR strategy more closely to the value creation agenda.
Key findings
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Human capital matters more — but practice still lags
More acquirers now say human capital should be a primary reason to do a deal. But far fewer are actually using human capital criteria when targeting deals and shaping the deal thesis.
65% of acquirers consider human capital an equal reason to do a deal, up from 54% in 2024.
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AI is gaining traction, but still has a long way to go
AI is being used more often in M&A, especially for human capital use cases. Even so, regular use remains limited.
Only 23% of acquirers use AI regularly for at least one human capital-related use case. A further 39% are still exploring what’s possible.
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Human capital risks are being addressed earlier
Acquirers are increasingly assessing culture, talent, leadership, and operating environment before the deal closes — a significant shift from older practices.
74% assess culture during diligence.
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Integration planning is improving
More acquirers are establishing HR integration KPIs, planning HR operations transitions earlier, and involving the target before close.
56% are establishing HR-oriented integration KPIs and planning HR operations transitions before close.
The opportunity ahead
Human capital is no longer a back-office consideration in M&A. It is central to deal value, synergy delivery, and long-term performance.
The organizations that move fastest will be the ones that connect human capital strategy to the deal thesis, use AI to improve decision-making, and plan earlier for the human factors that shape value creation.
US and Canada M&A Advisory Services Leader, Global Co-Leader, Mercer