Hi everyone! Quick question - in a merger (not an acquisition), does one party get paid cash at "close," or is the entire value in the future growth of the companies now that they're combined?

Just to clarify - and I apologize if I'm getting my terminology wrong! - when I say "merger," I mean two companies combining assets into one entity in order to continue to grow by leveraging the strengths of each of the companies. When I say "acquisition," I mean one entity buying out part or whole of another entity.