This chapter reviews the literature on servitization to understand whether and how mergers and acquisitions (M&As) have been dealt with and what the portrayed consequences are of servitization through M&As. Servitization refers to how manufacturing firms extend and remodel their offerings to focus on value in use rather than product transfer. The rationale of the chapter follows from how business model innovation or business modeling has been predicted as the next M&A wave, while the focus on servitization has been pronounced in research and practice as a means for manufacturing firms to refocus operations during the past decade. The chapter concludes that while the servitization literature is vibrant, the mode of reaching service competence and renewing business is not well explored in the literature. In line with the predicted next M&A wave, servitization through M&As would thereby create an interesting path for future research.