What is the difference between mergers and acquisitions?

In reality, there is none. Mergers and acquisitions are two sides of the same coin. Mergers mean two firms merging, and acquisitions is one firm (typically a big player) buying another firm. In principle, there are differences between mergers of equal firms and acquisitions or takeovers, where one company buys another. In practice concepts are summarized under the term M&A, mergers and acquisitions. The effects on the market are usually very similar independent of the legal form of the merger. And: there is almost always one “big player” in a merger