Mergers and acquisitions (M&A) is the catch-all term used to refer to the different forms for transferring or consolidating ownership of businesses and assets. Although the terms merger and acquisition are used interchangeably, they have different legal meanings. When one company (the acquirer) purchases the stock, equity interests, or assets of another company, the transaction is called an acquisition. Sometimes an acquired company continues to operate independent of the acquirer, and sometimes the acquired company ceases to operate independently and is absorbed by the acquirer. Mergers, on the other hand, are generally the combination of two companies, and result in the formation of a new company.

In Arizona, mergers and acquisitions (M&A) are governed by state statutes, particularly the Arizona Revised Statutes (ARS), as well as applicable federal laws. An acquisition occurs when one company, the acquirer, purchases the stock, equity interests, or assets of another company. Post-acquisition, the acquired company may continue to operate independently or may be integrated into the acquiring company. Mergers, in contrast, involve the combination of two companies to form a new entity. Under Arizona law, specifically ARS Title 10 - Corporations and Associations, there are detailed provisions that outline the process for mergers and acquisitions, including the requirements for approval by the board of directors and shareholders, filing necessary documents with the Arizona Corporation Commission, and adhering to both state and federal antitrust laws to prevent unlawful monopolies. Companies must also comply with federal regulations, such as the Hart-Scott-Rodino Antitrust Improvements Act, which requires companies to file pre-merger notifications with the Federal Trade Commission and the Department of Justice for certain transactions. It is advisable for companies to consult with an attorney to navigate the complex legal landscape of M&A to ensure compliance with all relevant laws and regulations.