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Working Paper 143 - Does Good Governance Create Value for International Acquirers in Africa: Evidence from us Acquisitions
Mergers and acquisitions (M&A) remain a highly popular form of corporate reorganization and growth, globally and in Africa. Over the last two decades, there has been a dramatic rise in the number of acquisitions of African businesses by foreign companies. For instance, during the period 2003-2008, the number of completed M&A transactions targeting African firms and involving non-African acquirers more than doubled while the value of those transactions increased seven fold (Figure 1). According to Thomson One , the most active non regional acquirers in Africa over the period 1982-2010 were the United Kingdom, the United States and Canada, both in terms of transaction value and number of deals.