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Corporate Divestitures and Value Creation in Acquisition-centered Restructuring Programs

Divestitures often accompany acquisitions, representing on average 33% of the acquisition value. Relying on a global sample, we provide support for the efficient restructuring view of acquisition-related divestitures. On average, acquisition-related divestitures are associated with an increase of 2% in the total value creation around focal acquisitions. The value contribution of divestitures is higher in large acquisitions, and in countries with low employee protection. Examining returns for divestitures only, we find that those around acquisitions are not transactions with weak bargaining positions. Overall, the value contribution of divestitures varies with the synergistic potential of the acquisition-centered restructuring program.