The popular term ‘land grabbing’, while effective as activist terminology, obscures vast differences in the legality, structure and outcomes of commercial land deals and deflects attention from the roles of domestic elites and governments as partners, intermediaries and beneficiaries. This paper summarises initial evidence of the characteristics of recent acquisitions of public lands and land held under customary tenure in Southern Africa, and their distribution across the region. It draws attention to their diverse manifestations – to questions of size, duration and source of the investments; the commodities and business models through which they are implemented; the tenure arrangements and resources accessed; the terms of leases and compensation; the degree of displacement; labour regimes and employment creation; and changes in settlement and infrastructure. The article proposes a schematic analytical framework for distinguishing between different types of land deals and considers the implications for unfolding and future trajectories of agrarian change.