Acquisitions and mergers involve much excitement, a lot of adrenalin, high emotions and tremendous opportunities: Opportunities to create value and to destroy it. They are rarely friendly transactions, at least at the end. Egos and rose-tinted glasses can prove to be major risks that can lead to serious issues down-stream. Directors, financiers and advisors involved in the process of deals should find this an interesting read, they may even recognise themselves. This paper reflects on 30 years’ experience of different types of change. It focuses on the managerial and change management aspects of the process rather than on the detailed development of business cases and their financing.