Financial Modeling

A merger is the combination of two businesses, while an acquisition is the purchase of the ownership of one business by another. Mergers & Acquisitions models (M&A) involve analysis for scenarios in which one company (the Buyer) proposes to offer cash or its own shares in order to purchase the shares of another company (the Seller or the Target). 

A leveraged buyout is the acquisition of a company using a significant amount of borrowed funds to pay for the purchase price of the company.