> For the complete documentation index, see [llms.txt](https://docs.liquidroyalty.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.liquidroyalty.com/dao/m-and-a.md).

# M\&A

<figure><img src="https://467792424-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fcsc5wbONKMuHeGeM8UqE%2Fuploads%2FqtOmRAFYZecEetPADRCO%2Fimage.png?alt=media&amp;token=e3ca3cee-92f8-4265-81be-d96880bf59a0" alt="" width="563"><figcaption></figcaption></figure>

M\&A activities create substantial value for the Royalty Token ecosystem.

Merchants, by acquiring additional shops at less than 10x PE but trading at a 10x PE market valuation themselves, each acquisition immediately generates value for token holders.

Merchants can fund these acquisitions through either cash payment or vested Royalty Token shares, enabling efficient ecosystem expansion without requiring immediate capital.