Mergers and acquisitions

Mergers and acquisitions are transactions in which companies combine, or one company obtains control of another through a purchase.

Merger: A transaction in which two or more companies combine into one continuing or newly formed entity. A merger combines companies rather than simply transferring ownership of a target.
Horizontal integration: The combination of businesses operating at the same stage of production in the same industry. A buyer may acquire a direct competitor to expand market share or capacity.
Joint venture: A business arrangement in which independent parties share ownership, control, and risks in a jointly operated enterprise. A joint venture coordinates companies without requiring one to absorb or purchase the other.
Merger control: Government review of business combinations to prevent transactions that substantially harm competition. Regulators can block or condition deals that threaten competitive markets.
Disney acquisition of 21st Century Fox: The 2019 transaction in which Disney acquired most of 21st Century Fox's entertainment assets. The deal illustrates consolidation of intellectual property and media assets alongside regulatory divestitures.
Acquisition: A transaction in which one company obtains control of another, often by purchasing its shares or assets. An acquisition is the purchase-based route to combining corporate control.
Vertical integration: The ownership of multiple stages of production or distribution within a supply chain. Acquiring a supplier or distributor can bring adjacent stages under common control.
Strategic alliance: A cooperative agreement between organizations that remain independent and coordinate selected business activities. An alliance can pursue cooperation without transferring corporate ownership.
Synergy: An increase in combined value or performance beyond what separate entities could achieve independently. Expected synergies often justify paying a premium, but may prove difficult to realize.
AOL–Time Warner merger: The 2000 combination of internet company AOL and media conglomerate Time Warner, later unwound. Its reversal is a prominent example of a merger whose strategic expectations failed to endure.

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