LBO sources of financing

Hi I read that it's possible for an acquirer to use the target's balance sheet cash to fund a transaction.

"Acquiring a business with cash from another firm's balance sheet may seem like a new concept, but it's actually a commonly used investment banking strategy called the leveraged buyout which can be used for the acquisition of large or small private companies. In a leveraged buyout, or LBO, the acquiring firm or entity uses the cash and other highly liquid securities on the target's balance sheet to pay off the debt from the acquisition. This is one reason companies like to keep cash and other marketable securities low as reported on the balance sheet. Ironically, to acquire a company with its own cash, the target must have a strong balance sheet and a stable track record of success."

How is this possible if the acquirer doesn't yet own the target's business? Surely the acquirer would need to purchase the company first and can then use excess cash to pay down the debt once (and only once) the target has been acquired?

Thanks