Corporate Acquisitions Quotes

In reviewing my uneven record, I’ve concluded that acquisitions are similar to marriage: They start, of course, with a joyful wedding — but then reality tends to diverge from pre-nuptial expectations. Sometimes, wonderfully, the new union delivers bliss beyond either party’s hopes. In other cases, disillusionment is swift. Applying those images to corporate acquisitions, I’d have to say it is usually the buyer who encounters unpleasant surprises. It’s easy to get dreamy-eyed during corporate courtships.

I left 'Wired' before it was sold to Conde Nast and Lycos, so I didn't experience that transition.

Like most plutocrats, I, too, am a proud and unapologetic capitalist. I have founded, cofounded or funded over 30 companies across a range of industries. I was the first non-family investor in Amazon.com. I cofounded a company called aQuantive that we sold to Microsoft for 6.4 billion dollars. My friends and I, we own a bank.

At most corporations if you make an acquisition and it turns out to be a disaster, all the paperwork and presentations that caused the dumb acquisition to be made are quickly forgotten. You've got denial, you've got everything in the world. You've got Pavlovian association tendency. Nobody even wants to even be associated with the damned thing or even mention it. At Johnson & Johnson, they make everybody revisit their old acquisitions and wade through the presentations. That is a very smart thing to do. And by the way, I do the same thing routinely.

It's about really being considerate of the culture in the game studios that Activision buys. That's the biggest difference between us and any of our competitors.

However, given the fact that the State has a controlling stake in the company [Rosneft], it might not be the best course of action when one company under State control buys another one fully owned by the State. This is one point.

When you are buying companies, everyone in the company feels very good. Their chests are puffed out. At Blackstone, I used to tell people that there is nothing more fun than buying a company with somebody else's money. The business is growing, which creates more opportunity for your employees.

In order to grow at this pace, there will have to be a couple of acquisitions along the way. The tricky thing is to grow at this rate and maintain a 40 percent operating margin.

There have been many very successful acquirers, where they've bought up companies, and they've grown their earnings very rapidly, and the stock has appreciated tremendously.

Of one thing be certain: if a CEO is enthused about a particularly foolish acquisition, both his internal staff and his outside advisors will come up with whatever projections are needed to justify his stance. Only in fairy tales are emperors told that they are naked.