In 2001, after Tata Tea took over the giant Tetley in a leveraged buy-out, it was presented with problems: there was the array of vertical integration synergies, but the leveraged buyout structure, cultural differences, and lack of planning meant that the realization of synergies was delayed. The difficulties were exacerbated by the cyclical downturn in the tea industry and the increased competition from substitute products. The purpose of this case is to illustrate: (1) issues associated with cross-border merger integration; (2) when vertical integration makes sense and when it does not; (3) the application of PMI frameworks and concepts; (4) the issues associated with a leveraged buyout structure; and (5) the trap of the winner's curse.