In a merger, two companies combine into a single entity — typically framed as a combination of equals rather than a purchase. Shareholders of both sides receive equity in the combined company. In practice, one side often leads.
Where in the journey
Any — an exit or consolidation event.
What the money is for
Combine strengths, scale, or consolidate a market.
Common investors
The two combining companies and their shareholders.
Watch out for
Culture and integration clashes; governance and control questions.