The Merger and Acquisition Method is one of the business valuation methods under the market approach. Under this method, the multiples applied for estimating the fair market value of a business are derived from transactions of significant (majority) interest in companies engaged in the same industry and in similar lines of business. The method is based on the notion that the value of a closely held enterprise can be estimated by drawing from recent mergers and acquisition transactions on the sale and purchase of comparable business either through private transactions or listed businesses on the stock exchange. As the transactions and data relied on under this method involve the sale of 100% interest in businesses, the completed transactions method is most relevant when a 100% interest or a significant controlling interest in the business is being valued. A comparable business does not imply an identical business but rather one that is substantially similar across a range of matrices such as size, cost structure, number of employees, etc. The completed transactions method works best when the comparable businesses operate in the same industry. The merger and acquisition method of valuation is referred to as the transaction method of business valuation.