Fate of Corp Dev Teams after being acquired?

M&A has been on fire lately across the tech industry with massive headline deals ($1B+) occuring almost every month. I'm curious what happens to the corporate development team of the company being acquired or merging with another company. Here are a few hypothetical (b/c I dont have 1st hand experience) scenarios based on what I think "generally" happens:

1) In the case where a buyer is much larger than the company it is buying, I suspect the Corp Dev team from the smaller company gets let go.

2) In the case where the two companies (buyer and seller) are of similar size and are merging, I suspect either no change to the the Corp Dev team from the seller side or maybe a few senior folks are let go ("Cost Synergies")

3) In the case where the acquirer is a PE, the majority of the time the Corp Dev team is kept in tack to continue executing on M&A & strategic initiatives

It would be great to get some feedback & thoughts from folks that have experienced any of these scenarios whether directly or in-directly.

Thank you WSO!

 

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