Acquire 70% of a target for cash. Target: $100 equity value, $180 assets, $100 liabilities, $80 book equity. Walk through the acquirer's balance sheet.

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Cash used: $70 (70% × $100). Add seller assets ($180) and liabilities ($100), wipe out seller equity ($80 disappears at consolidation).

Acquire 70% of a target for cash. Target: $100 equity value, $180 assets, $100 liabilities, $80 book equity. Walk through the acquirer's balance sheet.

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