The internationalization research domain has predominantly focused on country level antecedents of firm level decisions, with particular emphasis on why certain countries are selected over others for foreign direct investment (FDI). This approach may oversimplify what actually occurs from both practical and research perspectives. Recently, MNE strategic orientation and conduct, as an outflow of a region-based localization perspective (i.e.,semiglobalization), has gained increased scholarly attention. The tradition of considering country level institutional environments may be more robustly informed by extending a paradigm which considers region-based institutions, in addition to country. Thus, in this study I examine institutional effects, as underpinned by institutional theory, on one segment of FDI decision making, cross-border acquisitions behavior, in an understudied context, Latin American MNEs (i.e., Multilatinas). Linear and mixed regression are used to test hypotheses, by examining a sample of all Multilatina CBAs exacted over a five year period (2007-2011)in targeting host country firms within eight geographic regions. Multilevel study results provide overarching support for hypotheses, that a Multilatina's internationalization into a country and region through cross-border acquisition equity participation is influenced by both country and region institutional environments. Contributions are made to the semiglobalization, cross-border acquisitions, institutions, and Multilatina literature streams through development of a more robust, multilevel perspective which more accurately captures how MNEs consider institutional environments in their international strategy and conduct.