Based on my experience, both teams are different. When we talk about M&A team, it makes sense to have an specific team if the company is growing by several M&A processes, because that team will guarantee that all the M&A operations are coherent with the global strategy. Besides, it is essential not to loose the global vision, and how each M&A process will affect the other ones. PMI team is a different thing. It depends on the situation the new company has before the acquisition, for instance, and the efforts must be led towards the needs. For example, it is different to integrate a family business than a multinational one, and PMI teams could be different in each case. Of course a steering committee is needed to ensure that all teams are running on time and according to the standards of the Company.