Avantages
Some good people. What's left of the engineering crew is good to work with.
Inconvénients
Everyone is out to get everyone else. The lying that goes on at the upper level is unlike anything that I've ever seen. Backstabbing, lying, and turf wars drive all management decisions. There is no product focus. No central sales strategy.
If you are a technology company or division being acquired you can kiss product development good bye.
The overall strategy is to acquire older products and service the contracts while reducing costs. They will tell you otherwise but all they want is the contracts. If they don't fire you they will make your life miserable to the point that you leave.
When they acquire you they will promise you the world. "We care about the people", "We believe in the products", "We're going to get your product to market". All lies.
The workforce is reduced to the point of stagnation. For a development company this is like cutting off oxygen.