Explanation:

- I. Digital Transformation:

Digital transformation often occurs during M&A to merge IT systems or modernize operations. However, not every M&A involves heavy digital change.

- II. Smooth Transition:

Change Management is directly concerned with ensuring a smooth transition for employees, processes, and customers during M&A. This is a core aspect.

- III. Restructuring:

During M&As, restructuring (adjusting teams, roles, or departments) is common. Change Management is crucial here to help people adapt.

- Option 1: I only

Focuses only on digital aspects, but misses broader change elements.

- Option 2: II only

Only covers the transition part, missing restructuring.

- Option 3: III only

Only considers organizational restructuring, not transition.

- Option 4: II and III only

Correct Answer: Both smooth transition and restructuring are central to Change Management during M&As.

- Option 5: All of the above

Includes digital transformation, which isn’t always a direct Change Management factor in all M&As.