Last month, Keyser Design acquired all of the assets and liabilities of Tenor Machine Works. The combined firm is known as Keyser Design. Tenor Machine Works no longer exists as a separate entity. This acquisition is best described as a:

Merger

Explanation:

Merger can be defined as the agreement between two existing firms to join together or unite to form a new firm.

The agreement is done in order to widen or expand the reach of the firm. The two firms involved in merger joins together voluntarily without anyone compelling or forcing the other to join.

Types of merger

1. Horizontal merger: This is an agreement between two firms who are in direct competition to join together.

2. Vertical merger: This occurs between firms along the same supply chain.

3. Market-extension merger: This is agreement between two firms in different market selling similar product to merge.

4. Product-extension merger: It is also known as congeneric merger. An agreement between firms in the same market selling different but related product to merge.

5. Conglomerate merger: This is a type of merger in which two firms producing unrelated product merge.

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