What is the difference between a horizontal merger and a vertical merger?

1
A horizontal merger involves companies that operate in different industries, while a vertical merger involves companies that operate in the same industry.
2
A vertical merger involves companies that operate at different levels of the supply chain, while a horizontal merger involves companies that operate at the same level of the supply chain.
3
A horizontal merger involves companies that are of similar size, while a vertical merger involves companies of different sizes.
4
A horizontal merger involves companies that are located in different geographic regions, while a vertical merger involves companies that are located in the same geographic region.

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