Mikhail A. CHERNYSHEVPeoples' Friendship University of Russia named after Patrice Lumumba (RUDN University), Moscow, Russian Federation ivanov.ad2017@yandex.ru ORCID id: not available
Subject. Post-merger integration in Russian M&A deals and synergy as a measurable outcome of changes in the value chain. Objectives. To conduct a comprehensive study of the specifics of company integration after mergers in the Russian Federation; to develop an applied model for planning and monitoring synergies across the horizons of “100?days – 12?months – 24?months”, taking into account antitrust rules, IT system migrations and treasury consolidation. Methods. Methods of logical and statistical analysis were used, along with an event-based approach, process modelling (AS-IS/TO-BE), cost-to-achieve project valuation, and comparison techniques. Results. It has been revealed that the greatest contribution to operational synergy comes from centralized procurement, logistics routing and master data unification; to financial synergy – from liquidity pooling, covenant repositioning and proper setup of transfer pricing. It has been shown that wave-based migration of ERP/CRM systems and the implementation of IT “guardrails” make it possible to simultaneously meet regulatory requirements and accelerate the realization of effects in free cash flow (FCF). Conclusions. To increase the likelihood of synergy realization, strict metrization is required (a register of hypotheses, Earned Synergy, risk weighting), dual-circuit financial plans with regulatory buffers, prioritization of short-term cash effects, and phased IT cut-over plans. Effective integration in the Russian Federation is “engineering under constraints”, where the success strategy equals the quality of project management and compliance with legal frameworks.
Keywords: post-merger, synergy, integration, M&A, Russia
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