We analyze acquisition effects at an ecosystem level, reflecting growing interest in how a firm’s relations with its environment change following an acquisition. Research often takes either a stakeholder perspective, or a competitive dynamics perspective. The former considers the interests of groups and organizations impacted by an acquisition that would generally prefer success, and the latter focuses on contested external relations. We bridge these perspectives using ecosystems that view a firm’s environment as simultaneously benevolent and competitive. The result offers an integration of a wide range of actors with spanning symbiotic, coopetitive, and competitive relationships. In summarizing the competitive effects from acquisitions and on an acquiring firm, we propose the term ecosystem acquisitions to show how overlooked effects are likely more important than research currently recognizes. We contribute to several streams of research and offer implications for practitioners.