Using a dataset of 1149 global private equity transactions, we fnd that cross-border buyouts are associated with signifcantly higher valuation multiples than domestic ones. We attribute this fnding to informational disadvantages of foreign acquirers. Consistent with this idea, we fnd that the spread in valuation multiples narrows when the target operates in a country with high accounting standards, when it was publicly listed prior to the buyout, and when information production is facilitated due to large frm size. Further results suggest that local partnering in a syndicate serves as an efective remedy to avoid adverse pricing efects. The spread in valuation multiples is also less pronounced for large buyout funds, presumably because they draw on sufcient organizational resources to cope with cross-border-related transaction costs.