In this study, we explore the relationship between the ESG transparency of the target and M&A completion likelihood by shedding light on the costs associated with the amount of available ESG information during the public takeover process of an M&A deal. We hypothesize that the ESG transparency of the target decreases the completion likelihood of an M&A deal, suggesting that increasing negotiation costs and information processing costs may create greater difficulties for an acquirer in successfully closing the deal. In addition, we propose that the relationship is moderated by prior acquisition experience of the acquirer and the cultural distance between the acquirer's home country and the target's country. We test our hypotheses using 804 M&A deal announcements from 2010 to 2021. We find that ESG transparency of the target decreases the M&A completion likelihood. We also find that the relationship between ESG transparency of the target and M&A completion likelihood is stronger for acquirers with prior acquisition experience and weaker for cross-border acquisitions with greater cultural distance. Furthermore, through our additional analysis, we attempt to advance our understanding of the impact of each pillar of ESG disclosure in M&A deal processes.