In accounting an amalgamation, or consolidation, refer to the combination of financial statements. For example, a group of companies reports their financials on a consolidated basis which includes the individual statements of several smaller businesses.
A merger is the voluntary fusion of two companies on broadly equal terms into one new legal entity. The firms that agree to merger are roughly equal in terms of size, customer, scale of operations, etc. for this reason, the term ‘’ merger of equal’’ is sometimes used.