Final answer:
A licensing agreement between two companies best illustrates a non-equity alliance because it involves a cooperation without creating a new entity or exchanging ownership stakes, unlike joint ventures, mergers, or acquisitions.
Step-by-step explanation:
To identify which of the provided options best illustrates a non-equity alliance, we must understand what a non-equity alliance is. A non-equity alliance occurs when companies cooperate for a specific purpose or project without forming a separate entity or exchanging ownership stakes. Therefore, the answer is a licensing agreement between two companies. Here's why the other options do not fit as non-equity alliances:
- Joint venture between two companies typically involves creating a new entity, which is an equity alliance.
- A merger between two companies results in one combined entity, which is also an equity alliance.
- An acquisition of one company by another is not an alliance but a complete takeover, resulting in one company owning the other.
The remaining option, a licensing agreement, allows one company to use the intellectual property of another company in exchange for a fee or royalty without any transfer of ownership stakes, fitting the description of a non-equity alliance.