How does uncertainty impact opportunity development in internationalization

•The features of the internationalization of EMNCs create a laboratory for extending theory.•High level of asymmetry between knowledge and non-incremental commitments is key in understanding the behaviour of EMNCs.•Internationalization process is as a result of interaction between commitment decisions and forces imposed by firm’s international context.•We conducted the analysis of a case concerning a cross-border acquisition covering the period of opportunity search and exploitation.•The findings contribute to nuance understanding of the emergent and non-orderly nature of internationalization process.