Mergers and acquisitions represent some of the most dynamic and transformative strategies within Innovation and Strategic Management, functioning as mechanisms through which firms reshape competitive landscapes, accelerate growth, and reconfigure their resource portfolios. The M&A process is complex, multi-staged, and strategically sensitive, requiring rigorous analytical, financial, cultural, and integrative considerations. Its ultimate purpose is not merely to combine two companies, but to create synergistic value that exceeds what each entity could achieve independently. The process typically begins with the strategy formulation stage. At this point, top management clarifies why an M&A is necessary and how it aligns with long-term strategic objectives. Organizations might seek innovation capabilities, market expansion, technological advancement, or operational efficiencies. A clear strategic rationale lays the foundation for all subsequent activities. The firm identifies gaps in its current capabilities or market position and determines whether internal development, partnerships, or M&A is the most effective method to bridge those gaps. This stage also requires analyzing industry trends, competitive pressures, and innovation trajectories to ensure the merger aligns with the firm’s innovation roadmap and future market dynamics. Following strategic clarity is the target identification and screening phase. Here, companies survey potential targets that fit their criteria in terms of capabilities, markets, resources, and technological assets. The selection process includes a strategic fit assessment, cultural compatibility evaluation, financial health review, and an analysis of the target’s innovation potential. Firms often use tools such as SWOT analysis, competitive positioning models, and technology audits to examine how the target can enhance their strategic posture. Once a promising target is identified, the due diligence phase begins. Due diligence represents one of the most critical components of the M&A process. It is a comprehensive investigation into the target company’s financial statements, operational systems, patents, intellectual property, leadership quality, cultural dynamics, and legal