An interesting arbitrage:
Buy a non-US company, move it to the US, and exit as a US company (higher valuations).
Examples:
(1) Tech companies (SaaS); buy a Latin American or Eastern Europe (or any other geography) SaaS company, which may already generate most of it sales from the US (!). Move it to the US (entity/registration, top mgmt., on-the-ground salespeople), and exit for a revenue multiple.
(2) Add-on acquisitions for your US-based platform. If you have a mfg. company or other entity that is big enough to take down a German or Italian (or any other geography) add-on, then the add-on can be acquired for an international stand-alone fair market value, and when integrated sell as part of your platform (presumably much higher valuations).
I expect this geographical valuation arbitrage to continue to exist for the foreseeable future.
