TLDR:
M&A refers to the consolidation of companies or assets through various types of transactions including mergers, acquisitions, tender offers, asset purchases, and management buyouts, driven by strategic growth, synergies, or financial goals.
M&A Process Overview
The M&A process follows a structured sequence: (1) Strategic rationale — identifying why the deal creates value; (2) Target identification — screening potential candidates; (3) Approach and NDA — confidential discussions begin; (4) Due diligence — comprehensive review of the target; (5) Valuation and bid — determining what to pay; (6) Negotiation — term sheet and definitive agreement; (7) Regulatory approvals — antitrust, securities, and sector-specific filings; (8) Closing — funds transfer and ownership change. Each phase can take weeks to months, and deals can fail at any stage.
Deal Structures
M&A transactions take several core structures: stock purchase (buyer acquires company shares, preserving the legal entity), asset purchase (buyer acquires specific assets and assumes selected liabilities), statutory merger (companies combine through a corporate-law mechanism), and triangular merger (target merges into a buyer-formed acquisition subsidiary). Each structure has different tax, liability, and consent implications, and the choice is one of the most consequential decisions in deal planning.
Cross-Border M&A
International deals add layers of complexity: foreign investment review (CFIUS in the US, FDI screening in EU member states, Türkiye’s foreign capital framework), competition clearance in multiple jurisdictions, currency hedging on long deal timelines, and integration of differing corporate governance norms. Founders engaging cross-border M&A counsel should expect 6–12 months from term sheet to closing on meaningful international transactions.