Topic

Deals

Transactions that move control, cash, and claims. What the price actually buys.

Deals · Sample

Harbor is paying $18 billion for Marlow’s shares. Why isn’t that the price of the company?

The price of the shares and the price of the firm are different stacks of claims. Harbor’s $18 billion buys the equity. The debt stays a claim. The cash comes with the business.

$18B for shares
Debt stays
Cash comes with it
$23B firm value

8 min · 7 Oct 2026

Enterprise value
Dilution

Concepts in this topic

Enterprise valueMarket capitalization is the price of the shares. Enterprise value is a way of stating the price of the whole firm, once debt and surplus cash are in the picture.
DilutionDilution is a change in the share of the firm each owner holds. Whether owners lose value depends on what was received for the new shares.