Non-Controlling Interest in M&A

When company A acquires company B and B has 80% of the ownership of company C, do company A usually end up with 80% of C or 100% of C?

If company A only gets 80% of C, will the purchasing value of B only include 80% of C's debt and cash? In other words, EV calculated by academic formula using consolidated financial statements (Equity + Debt + NCI + Preferred - Cash) will not make sense in this M&A since it assumes 100% of ownership in C.

Thanks.

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