Mergers and acquisitions (M&A) represent critical strategic decisions for organizations seeking growth, competitive advantage, or market consolidation. Despite their prevalence in the corporate landscape, empirical evidence suggests that a substantial proportion of M&A transactions fail to create shareholder value or achieve their stated objectives. This paper examines the multifaceted factors that contribute to M&A success and the principal challenges that impede value creation. Through a synthesis of existing literature and theoretical frameworks, this analysis identifies strategic alignment, cultural integration, due diligence rigor, and post- merger integration as key determinants of transaction outcomes. The findings underscore the complexity of M&A transactions and highlight the need for comprehensive approaches that address both technical and human dimensions of organizational combination.