According to a February 2017 McKinsey & Company article, “Keeping your deal team small ensures confidentiality, but pinpointing synergies requires bringing more people on board…Making sure that large M&A deals create value is as much about knowing whom to involve—and when—as it is about knowing how to capture synergies. The larger the deal, the more critical the need to ensure confidentiality by keeping the team small during the early stages of planning.  Such teams may lack breadth, but they’re sufficient to produce a rough valuation that allows planning to move ahead.”

To read the full article, go to: http://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/the-artful-synergist-or-how-to-get-more-value-from-mergers-and-acquisitions