This study investigates the political economy of land acquisition and privatization of Birr and Ayehu farms in Amhara Region, Ethiopia. Using interviews, questionnaires, focused group discussions, and document reviews, the study finds that the farms, initially public enterprises under the Derg regime, were privatized to Ethio-Agri-CEFT in a neo-patrimonial manner, involving significant land acquisition, legal distortions, and violations of landholding rights. This process negatively impacted local livelihoods, caused land use changes, and led to public grievances and political upheaval. The study concludes that Ethio-Agri-CEFT should respect legal frameworks and adopt inclusive development practices.