Using hand-collected SEC filing data on the less-studied private process of M&A deals, we examine the impact of board connections on the process and efficiency of M&A. We find that targets with well-connected boards are paid with significantly higher deal premiums, and both the targets and their acquirers experience more positive market responses to deal announcements. Also, their acquirers exhibit better stock and operating performance in the post-deal three-year period than their counterparts whose targets are less connected. We explore three channels through which board connections may enhance the acquirer-target matching efficiency and find significant evidence in support for all - lowering search cost, introducing bidding competition, and reducing contracting frictions. Overall, the results are consistent with an efficiency view of board connections that they help facilitate a value-enhancing deal process on the market for corporate control.

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