NCI in EV calculation
From the Eq V to EV bridge we have EV = Eq V - CC&E + Debt + Pref stock + NCI
But what does this NCI mean ?
If a company A acquires 80% of B, that itself owns 65% of C, should we add in the EV both the 35% NCI from C and the 20% not acquired from B, or only one of the two ?
Thanks in advance