Abstract: Technology mergers and acquisitions have become a very important way for companies to acquire new technology and enhance their technical ability. The objective of technology mergers and acquisitions is to integrate the technology acquired into the companies' value chain to reach synergy. With the development of technology mergers and acquisitions, more and more attention is paid to the factors that affect its synergy. This paper analyses how technology mergers and acquisitions synergy forms, and proposes affecting factors from environment level, company level and technology level. Based on this, the paper constructs an analysis framework and carries out a case study of “Lenovo acquiring IBM PC business” by applying the framework.