The strategic buyer is a company looking to grow by acquiring another business that has synergies with its own. For a synergistic buyer, 1+1=3.
Strategic buyers may be looking to grow market share in the same industry, find new products or services to sell to their existing customer base, hire trained employees, get more control over their supply chain, acquire distribution channels, etc.
A strategic buyer can typically offer a higher value, but be aware that value may come at a price – there may be personnel redundancies or facility closures after a sale, for example. Likewise, strategic companies are unlikely to offer the seller equity in the business going forward.