Global trends related to sustainability in terms of waste management, decreasing CO2 emissions, renewable energy and clean technology (or cleantech) are adding to pressure of not only MNEs but also SMEs. Digitalization and technological innovations enable companies from more traditional, heavy industries such as mining, steel and energy to meet the new regulations and requirements. While MNEs have resources, they might lack innovative technologies. SMEs might have the innovations required but lack the resources to internationalize. Mergers and acquisitions (M&As) provide a unique way for organizations to grow and internationalize, but also a unique, strategic tool to shift the business towards new directions. M&As can be a channel to facilitate the transition to carbon-free economies and sustainable societies. The research design is likely to involve qualitative methods and cross-case analysis across different industries investing in e.g. clean technology or other technologies enabling the transition to more sustainable business.