The impact of multiple-site acquisitions on corporate growth patterns of international terminal operators

This paper deals with multiple-site acquisitions by international terminal operators (ITOs). A multiple-site acquisition is an external growth strategy focusing on the simultaneous take-over of an entire terminal portfolio as part of a unique transaction. The paper presents a theoretical framework about how spatial and temporal dimensions of foreign expansion are influenced by these multiple-site acquisitions. It also analyses the impact of multiple acquisitions on the sustainable growth of firms by focusing on the transaction package problem, the locational diversity problem and the irregular growth path problem. The proposed theoretical arguments are illustrated and supported by an analysis of a comprehensive global terminal-specific dataset related to the 1997-2010 period, and case studies on strategic market entry behaviour of two major ITOs.