The objective of this article is to contribute with the theoreticalframework of mergers and acquisitions, by increasing the empirical evidence. A casestudy of the operations that led to the AmBev and InBev was conducted to observe apotential generation of synergy, with the consequent creation of value.The methodology used in this article was the economic and financial indexevaluation and the method of discounted cash flow. It was conclude, by the method ofeconomic and financial index evaluation, which was generated synergy for bothcompanies. But through the analysis of indicators of return to shareholders, it wasfound that they grew only in the case of AmBev. By the method of discounted cash flowit was concluded that there was value creation in the transaction that created AmBev,but the same can not be concluded in the operation which resulted in InBev.