Brazilian firms acquiring in developed countries: the importance of local enablers of business models

This exploratory paper addresses the new phenomenon of emerging country firms acquiring in the developed countries, or “reverse takeovers”. We argue that, one of the main reasons for that is the movement of incumbents which, gradually, changed the scope of their activities. Moreover, we hypothesize that the strategic decisions of both sets of firms were, and still are, influenced by the local business environments which enables the development of specific Business Models. The trajectories of the 21 Brazilian multinationals listed in international rankings are analyzed to bring empirical evidence of that propositio