SQL Server の MERGE ステートメントは MySQL の ON DUPLICATE KEY UPDATE をどのように模倣するのでしょうか?

MERGE INTO [target_table] AS target
USING [source_table] AS source
ON (target.[matching_column] = source.[matching_column])
WHEN MATCHED THEN
    UPDATE SET [target_column] = [source_column]
WHEN NOT MATCHED THEN
    INSERT ([target_column]) VALUES ([source_column]);

MERGE
INTO MyBigDB.dbo.METER_DATA WITH (HOLDLOCK) AS target
USING (
    SELECT
        77748 AS rtu_id,
        '12B096876' AS meter_id,
        56112 AS meter_reading,
        '20150602 00:20:11' AS time_local
) AS source
(rtu_id, meter_id, meter_reading, time_local)
ON (target.rtu_id = source.rtu_id
AND target.time_local = source.time_local)
WHEN MATCHED
THEN UPDATE
    SET meter_id = '12B096876',
    meter_reading = 56112
WHEN NOT MATCHED
THEN INSERT (rtu_id, meter_id, meter_reading, time_local)
    VALUES (77748, '12B096876', 56112, '20150602 00:20:11');