Merger and acquisition (M&A) transactions have been well researched for their value creation potential (Haleblian et al. 2009; King et al. 2004; Seth 1990b) and their great practical importance in strategic, monetary, and social terms (Aklamanu et al. 2015; Gomes et al. 2013), particularly in developed countries over the last half-century. Yet, there is limited understanding of the overall relevance and sources of value creation associated with M&As in developing or emerging economies (Narayan and Thenmozhi 2014), though firms are steadily expanding into these markets as a vital element of their internationalization strategy. For instance, despite the fragile and slow economic recovery in many developed nations, the value of global M&A transactions in 2013 alone exceeded US$2.3 trillion (Bloomberg 2013). The strong growth in continents comprised of emerging market economies such as South America and Africa have positively shaped this upward trend. In recent years, M&As have increasingly become common as a relevant medium for foreign direct investment (FDI) in Africa for both international and regional market players. This strong growth has been supported by greater diversification, increased economic stability among the continent’s nations, an abundance of natural resources throughout Africa, and the existence of sizable consumer markets in many African countries (Mergermarket 2012; Triki and Chun 2011). Figure 7.1 presents an overview of the trends in African M&A in terms of the number and value of deals from 2009 to 2013.