Countries in both developed and developing regions are placing more importance on the role of Mergers and Acquisitions (M&A) in the growth of companies, and thereby to the economic development of their countries. M&A activities are becoming popular in many Asian countries. In Thailand as well the companies want to grow fast and become competitive through M&As. This study finds out the important motives that lead to M&As in Thailand. Analysing the experiences of two Thai companies, this study investigates the process of acquisition and the factors contributing to the success and failure of mergers in Thailand.