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The acquisition of knowledge and other intangible resources often underlies merger and acquisition strategies. Past streams of research regarding the effect intangible resources have on merger and acquisition performance have been fragmented and remained mutually exclusive of each other. Introduces, in an attempt to integrate these streams of research, the intellectual capital perspective and argues that core intellectual capital has to be at the root of high value synergies. With the help of a case study presents a framework that can be used to identify core intellectual capital. Then discusses the conditions surrounding the trade of intellectual capital and their effect on value creation prospects. Proposes that the value creation potential of synergies involving core intellectual capital is a function of the conditions for trading and leveraging intellectual capital and the transformation inertia associated with the trade.