I’m having some trouble modeling this out. Hopefully someone can help. - Company A buys a piece of company B for $100 in pre-ipo shares. The combined company is company C. - Company B would now have a 40% stake in C. - When C goes public, B would receive $60 cash from the IPO and maintain the 40% control. I’m confused on the impact to company B’s financials since I don’t have my L2 books anymore. Since B would have a minority interest in C, 40% of C’s NI would hit B’s. Company B’s balance sheet is confusing me though. Does anyone know how this would flow through B’s balance sheet? How would I recognize the minority interest in C?