This chapter offers scholars in the field of strategy a perspective from which mergers and acquisitions (M&As) can be viewed within the broader setting of a firm’s corporate development portfolio. Mergers and acquisitions can play a significant role in the enhancement or redeployment of a firm’s resources and can thus contribute to its survival (Ahuja and Katila 2001; Anand and Singh 1997; Capron 1999; Capron et al. 1998; Capron and Guillén 2009; Karim and Mitchell 2000; Graebner and Eisenhartd 2004). However, most research to date has examined M&As in isolation and without accounting for how they might interact with other means of corporate development-such as internal development and alliances.