Good discussion of M&A in strategy+business from Booz. Points out that making acquisitions is, like most other activities, something you get better at with practice, so skilled companies build real capability at doing it. Cisco is a well-known case [also with much skill at alliances prior to possilbe acquisition – Google will point to tons of stuff on them] and this article highlights Johnson & Johnson. Especially useful extra, though, is the guidance offered on managing the process. ...