The creation of synergy, often represented as the “2+2=5-effect,” is a crucial motive and success factor in Mergers & Acquisitions (M&A). However, unrealistic expectations regarding synergistic potential can lead to inflated acquisition prices. If anticipated synergies do not materialize, it becomes challenging for the acquiring firm to deliver positive value to shareholders. Therefore, understanding the synergistic potential of an M&A project is essential. This issue was explored in a doctoral thesis focusing on the drivers of synergy realization, particularly through the lens of business relatedness, which encompasses similarities in firm attributes like product-market presence and resource configuration. A quantitative survey involving over 300 M&A consultants worldwide assessed past transactions for their synergistic effects. Unlike prior studies, this research treats relatedness as a multi-dimensional concept, evaluating various attributes simultaneously. Managerial perceptions are used to measure relatedness, a novel approach adapted from diversification research. The study reveals that different dimensions of relatedness have varying effectiveness in synergy realization, supporting the need for a multi-dimensional view. It identifies key dimensions and drivers of business relatedness that are significant for predicting synergistic potential, offering valuable insights for practitioners in evaluating future M&A synergies
