This paper by the Harvard Business Review shares some great comparative insights and clarity on the different merger motivations of financial vs strategic acquirers (buyers).

What drives either financial or strategic buyers to have a more dominant position in mergers and acquisitions activity at different points in time?

Within merger activity there is a shifting pattern of activity between strategic (operating firms) and financial (private equity) acquirers. What are the economic factors that drive either financial or strategic buyers to dominant positions in M&A activity?

via Financial vs. Strategic Buyers — HBS Working Knowledge.

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