We study how the uniqueness of a firm’s technology portfolio relates to M&A transactions. Relying on a text-based method to map each firm’s competitive position in the technology space relative to every other firm and to measure the uniqueness of a firm’s technology portfolio, we find that firms with a more unique technology portfolio are more likely to become M&A targets and receive a higher acquisition price. Moreover, these firms are particularly attractive targets for close competitors in the product market as measured by the overlap in 10-k product descriptions of firms. Our findings illustrate that a unique technology portfolio is an important resource traded in the market for corporate control and a key driver of M&A transactions.