HP's Autonomy Acquisition

HP's $11.1 billion acquisition of Autonomy in 2011 became one of the worst tech deals ever, leading to an $8.8 billion write-down the next year after HP alleged massive accounting fraud. This 79% loss in value within a single year is worse than the average failed merger, where write-downs typically range from 30% to 50% of the purchase price. The deal destroyed over $6 billion in shareholder equity entirely.