There are different motives for sale, purchase or merger. At this the key role goes to strategic and financial motives and goals, and often to personal factors. Besides, M&A motives depend on the size of companies (a large corporation or a small and medium company) and the type of investor (strategic or financial investor).
The main M&A motives:
Focus on core business
Expansion into new markets (geographic and product expansion)
Increasing of specialization (sale of not core assets)
The need to optimize expenses
The need to increase the business profitability