While Merger & Acquisition (M&A) activity has reached unprecedented levels over recent years, M&A failure rates remain high. In explaining these disappointing outcomes, previous studies barely focused on the teams that manage these M&A transactions. Furthermore, only scant information exists on team members’ roles and skill sets. With an aim to contribute to filling this gap, we inductively explore a composition logic of M&A teams and its consequences for M&A outcomes by following a grounded theory approach and conducting semi-structured interviews with 30 M&A professionals. We identify three prevailing team roles (project manager, expert and executor) which require a specific set of soft and hard skills that explain how M&A teams can enable M&A success in terms of deal execution and completion. Furthermore, we provide evidence to how aspects of project timing, such as deadlines and simultaneous projects, shape the team members’ work. Finally, our findings underline the importance of accumulating experience and learning effects on M&A deal outcomes, shaping both M&A team culture and the team members’ skill sets.

General rightsCopyright and moral rights for the publications made accessible in the public portal are retained by the authors and/or other copyright owners and it is a condition of accessing publications that users recognise and abide by the legal requirements associated with these rights.• Users may download and print one copy of any publication from the public portal for the purpose of private study or research. • You may not further distribute the material or use it for any profit-making activity or commercial gain • You may freely distribute the URL identifying the publication in the public portal Take down policyIf you believe that this document breaches copyright please contact us providing details, and we will remove access to the work immediately and investigate your claim.