Olimpia Meglio

In this chapter, we proceed with our transformative investigation into the nexus between mergers and acquisitions (M&A) and service ecosystem (SE). We suggest that a service ecosystem lens may represent an analytical reorientation with ontological implications in M&A research. We propose an organisational framework that combines the acquisition process with actors and roles across different phases and activities. The concept of value co-creation in M&A emerges as an open, collective and context-specific process, and this process goes beyond the acquiring-firm centric or dyadic views of value creation in acquisitions. Engagement is contingent upon context, which also determines why, when and how actors engage. We illustrate the analytical potential of this perspective by means of three M&A cases interpreted through a service ecosystem lens. Each case foregrounds a dominant mechanism, while making explicit its interconnections with other ecosystem processes.

In this introduction, we set out the case for integrating M&A research with scholarship on service ecosystems. We ground our analysis in the notion of service ecosystem as proposed by Vargo and Lusch in 2016 and draw inspiration from the principles of service-dominant logic. We propose the concept of M&A ecosystems, which we theorise as an integrative framework that extends beyond a narrow focus on the acquiring firm, thereby offering a more inclusive understanding of the actors engaged in acquisitions and their value co-creation activities. We end this introduction by describing the organisation of the book and providing a brief summary for each chapter.

Mergers and acquisitions (M&As or acquisitions) represent a popular trigger for organizational change, as evidenced by the figures concerning the number and volume of transactions in 2025 (Bain, 20...