Today, we're talking about cash-free debt-free, and what it means in M&A: 

• When an acquirer buys another company, the transaction will be structured such that the buyer will not assume any of the debt on the seller's balance sheet
• The buyer will not get to keep any of the cash on the seller's balance sheet.
• Most M&A deals are negotiated on a cash-free and debt-free basis.
• The seller keeps all cash and pays off all debt at the time of the sale of a business.

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