Abstract
Since around 2000, M & A has been adopted as a means of business restructuring, diversification, and business succession of management of Japanese companies, and is now established as a part of corporate strategy. From the point of view of P2M, M & A is a program management of business investment from the standpoint of a buyer. But even if a buyer has a willingness to invest, it will neither be established unless there is a seller who wishes to sell nor be established unless the buyer agrees. Although it will be terminated for a seller when the sale is completed, for a buyer, it will not be completed since management is needed to create value after the acquisition. In that sense, M&A program management is different from normal program management in terms of approach and risk. Here, I describe the approach of program management based on the position of a buyer who is the owner (investor) defined by P2M while clarifying the features of such an M & A.
