In the context of the intelligent transformation of the manufacturing industry and the restructuring of global industrial chains, technology acquisition-based cross-border mergers and acquisitions (M&A) have become an important way for Chinese manufacturing enterprises to overcome technological bottlenecks and expand into high-end manufacturing fields. This paper takes Midea Group’s acquisition of Germany’s KUKA Group as a case study and analyzes the motivations, major risks, and post-acquisition outcomes of the transaction. The study finds that Midea’s acquisition of KUKA was mainly driven by the need to acquire core industrial robot technologies, improve intelligent manufacturing capabilities, achieve industrial synergy, and expand its high-end manufacturing business. However, the acquisition also involved risks related to legal and regulatory scrutiny, exchange rate fluctuations, loss of key technical personnel and cross-cultural integration. After the acquisition, Midea made progress in intelligent manufacturing layout, production efficiency improvement and robotics business expansion, while KUKA further expanded its market space by leveraging Midea’s channels and resources in China. The study suggests that the key to technology acquisition-based cross-border M&A lies not only in completing equity acquisition, but also in post-acquisition technology absorption, resource integration and market localization. This paper provides a reference for Chinese manufacturing enterprises seeking to conduct cross-border M&A in high-end manufacturing sectors.