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This paper examines the concept of acquisition performance, proposing a model linking task-, transaction-, and firm-level constructs under different time horizons and testing it with a unique dataset created by surveying partners and directors of a major consulting firm advising on the postacquisition integration process of 146 acquisitions across industries and geographies. Results of factor and structural equations analysis reveal that (a) M&A performance is a multifaceted construct; there is no one overarching factor capturing all the different ways used to proxy it, (b) there is a path linking integration process performance to long-term firm performance (both accounting and financial returns) via customer retention and overall synergy realization, and (c) short-term window event studies are not linked to any of the other performance metrics. Implications are drawn and recommendations made for …