Paige Ouimet and Rebecca Zarutskie show that mergers and acquisitions can also be the result of a drive to get access to the other firm's pool of workers. This is particularly true when the labor market is tight and the workers carry high human capital.I can't help but think there has to be more to it than just a workforce. After all if you just want the workers why not employ them directly? Why buy a whole lot of non-human capital if you don't have to?
The likely answer seems to me to be that you do want the non-human capital. The likely reason you want the human capital is that it highly complimentary to the non-human capital. And buying the firm gets you both.