In the present globalization environment, firms compete to enter new markets in search for profitability. The process has become very complex and competitive unless efficient strategic mergers and acquisitions are skillfully researched, evaluated, and consumed. Businesses focus on research and development, resources availability, skilled human resources and personnel, as well as on a favorable, socio-economic, and legal environment. Lebanese businesses are in constant search for qualified partners to investigate entering into strategic alliances, devise proper planning and achieve a competitive advantage. This paper explores the potentials to form strategic alliances with European business partners focusing heavily, and in depth, on highlighting and analyzing the essential requirements for the success of such ventures. While it outlines the advantages and positive projections, it also reflects on any pitfalls that might arise, due to the incompatibility of the partners, within a multicultural international tapestry. The research methodology will review theories and writings by recognized scholars in the field in order to clarify the entailments related to strategic management and alliances between Lebanese and European firms. Semi-structured interviews are conducted with professionals in several sectors including industry, banking, insurance, real estate, tourism, and others.