This research in progress aims to understand the governance of managerial intercultural relations in the context of a merger of two SMEs in Luxembourg financedby a British Private Equity firm. An analysis of the intercultural environment of the company and of the structure of the forces at play exposesthe influence of the multicultural factor on the decision-making process of the merger operation. The literature review, based on theories of governance in SMEs, intercultural management and approaches in terms of varieties of capitalism, highlights the cultural behavioral variables of the relationship between the decision-makersof the merged company. These perspectives crossed with the agency theory approach allow us to build a framework explaining the relationship between intercultural strength and governance mechanisms in a company merger process. The qualitative methodology used is based on four interviews anda study of contextual elements in order to provide material for a content analysis. The results highlight the tensions exacerbated by the SME merger context in the exercise of governance by its actorsand showsthe influence ofthe intercultural forcesonthe decision-making mechanism of the merger project. Weconclude by underlining the limits of the studyand related other research opportunities.