Abstract
What explains the multinational conglomerate, diversified across both product and geographic boundaries? From a sample of diversifying foreign acquisitions by U.S. firms, we conclude that the choice between related and unrelated acquisitions bears little relation to the acquire's base activity in the U.S., but it is somewhat affected by transaction costs and the firm's previous experience in the host country. The motive of risk-spreading encourages unrelated overseas acquisitions.
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