Pros
There are opportunities to advance your career without leaving the company. This allows for gaining experience, increasing your earnings while staying with the same company and, sometimes without moving across the country. Yet moving to other cities is frequently an option and can also be a benefit for employees wishing to relocate.
Cons
During my employment there were several acquisitions. These always present challenges at any company. Both employees and senior management need to recognize this and prepare for these challenges prior to taking on any additional acquisitions. Everyone needs to realize they are capable of adjusting to new processes, procedures, benefits, etc. which may be the best option for the company versus having the attitude - That's not the way we did it before the acquisition.