The objective of this study is to analyze the financial performance of PT Gudang Garam Tbk (GGRM), both before and after its acquisition. The data were analyzed by using the Economic Valued Added (EVA) and the Wilcoxon signed EVA analysis indicate that GGRM has not accrued added value after its acquisition. Based on the Wilcoxon signed rank test, the financial performance of GGRM did not improve after its acquisition because the company delayed diversifying its products. Moreover, the product price was found to be higher than that offered by its competitors. Therefore we suggest that investors make investment decision carefully because acquisition does not always increase they company's value.