This paper examines the factors that drive post-acquisition organizational and employee outcomes. There is wide variation in M&A outcomes at both the organisational and individual employee levels. Some organisations capture substantial financial value through M&A, while others destroy value through damaging employee well-being and reducing organisational capabilities as high performing individuals leave the company. Both strategic management and change management factors are key drivers of M&A outcomes. However researchers have not considered the joint effects of these two divergent research threads when examining post-acquisition success or failure. As a result, researchers have an under-developed understanding of the factors that drive M&A outcomes. We propose a multi-level model of the combined effects of factors from these two literatures on organizational and employee M&A outcomes.