How advanced acquirers approach culture in M&A Findings from the Willis Towers Watson M&A Culture Group Table of contents Introduction ............................................................................................................2 Chapter 1: Key imperatives of addressing culture in M&A transactions ..............4 Chapter 2: Cultural realities in M&A transactions ......................................................... 6 Chapter 3: ‘The culture will take care of itself’ and other M&A myths .................. 9 Chapter 4: Defining culture for the specific purpose of the M&A transaction .....10 Chapter 5: The practical application of the M&A cultural framework: Input .....13 Summary ...............................................................................................................15 Authors Jim McKay, Managing Director, North American M&A Human Capital and Benefits Leader Craig Keller, Senior Director, M&A Consulting and Head of Change Management, Asia Pacific John Bremen, Managing Director, Human Capital and Benefits, and Global Head of Thought Leadership and Innovation How advanced acquirers approach culture in M&A 1