This note discusses valuation in the context of business mergers and acquisitions. It builds on standard methods of business valuation to consider the unique questions arising in a merger or acquisition setting. The note focuses on valuation using the discounted cash flow (DCF) approach and the comparable-firm-multiples approach and presupposes an understanding of the principles of business valuation. The note provides and reviews the details of an acquisition valuation case example. At Darden, it is used in the first-year core "Finance" course in a module covering corporate finance.