For a firm, customers and suppliers are important stakeholders in their business activities, including such strategic activities as mergers and acquisitions. But how has this been depicted in previous research? In this paper we review articles on mergers and acquisitions to find out in what way customers and suppliers are recognized in the research on mergers and acquisitions. The paper is a review of 1,632 articles. The analysis proposes six categories: customers and suppliers in vertical integration; customers as an aggregated market; customers and suppliers as resources; customers (and suppliers) being affected by changed market conditions; the merger or acquisition following from or leading to power imbalances in relationships to customers/suppliers; and customers and suppliers as actors or reactors.