The purpose of the present paper is to test the validity of the Uppsala model, first in its 1977 version and then in the more recent 2009 version. To this end, we study geographical distance and network effect as determinants of international acquisition decisions. We test our model on 56,963 acquisitions conducted by firms from developed countries (1990-2009). In line with the theory, network effects play a predominant role, to the detriment of distance. Moreover, network effects impact differently depending on whether the target is located in a developed or a developing country.