This research provides a comparison of consolidated financial performance of the public listed acquiring companies in Indonesia up to three years post acquisitions and one year before the acquisitions in order to determine whether the post-acquisition consolidated financial performance of the selected companies are better than the pre-acquisition consolidated financial performance, and determine the factors in post-acquisition that produce better result compared to the performance in pre-acquisition. Researcher adopted quantitative descriptive research to describe whether a set of quantitative variables after an event is significantly different from those before the event. Additionally, the researcher also provides observation on potential key drivers causing the difference between the quantitative variables before and after an event. The researcher also adopted purposive sampling and the samples were selected from specific target population, which is acquiring companies listed in Indonesia Stock Exchange. One year prior to acquisition, and one until three year post acquisition profitability, leverage, and liquidity ratios are utilized as indicators for the consolidated financial performance of the acquiring companies. Wilcoxon Signed Rank Test is used to perform hypothesis test on two set of samples to determine whether those samples are significantly different. The hypothesis test shows that only ROA and ROE are significantly different pre and post acquisitions. With reference to publicly available data of the acquired companies, only 21.0% of total acquisitions that indicated contribution to improvement in consolidated financial ratios of the acquiring companies.