This study aims to examine the impact of acquisition and tax avoidance on firm value of acquirer in Asian region. This study also examines the impact of tax avoidance as a moderation variable of cross-border acquisition and firm value. This study uses three measurements of tax avoidance, they are: effective tax rate differences, book tax differences, and residual book tax differences. This research covers 567 cross-border acquisitions by Asian firm in period 2012-2014. This study finds that cross-border acquisition create value destruction on acquirer firm value. This result is consistent with managerialist and hubris hypothesis, explaining that cross-border acquisition creates value destruction on acquirer firm value. It is maybe because overpayment or expropriation by management in acquisition process. This study finds that tax avoidance has a positive effect on firm valuefor firms conducting merger and acquisition. But tax avoidance as a moderation variable has no impact on relationship between cross-border acquisition and firm value.