Building on the relational view of M&A suggested by the Industrial Network Approach, we looked at the non-economic dimension of post-acquisition changes in the relationships of the acquired firm. Based on a 2x2 matrix, this is illustrated by the relationships between the acquired firm with for-profit organizations through which non-economic resources are transacted (called Social) or with non-profit organizations with which it transacts either economic (called Partnership) or non-economic resources (called Community). We built a qualitative case study from the acquisition of the Brazilian firm Paraíso Group by the Swiss multinational Holcim, and focused on ten relationships of the acquired firm. We found that these relationships changed in terms of professionalism, degree of dependence and number of actors. An increase in professionalism is observed in all the relationships. This type and direction of change was considered the most important post-acquisition change. The degree of dependence and number of actors changes happened in specific segments of the acquired firm's network, represented by the Community and Social relationships, respectively.
post-acquisition change; non-economic dimension; relationships; cross-border mergers and acquisitions
