We study the worker-level incidence of technology-related merger synergies by following incumbent target workers around acquisitions, whether or not they remain with the firm. Average acquisition wage effects are close to zero, but acquisitions redistribute gains and losses across task groups if the acquirer has a technological advantage. Workers in substitutable occupations experience a relative wage decline. Workers in complementary occupations gain. Acquired firms also receive more foreign managers, and IT spending rises. Thus, technology-related merger synergies can appear neutral for workers on average while changing the relative value of tasks within firms and having long-run spillovers on workers' careers.
