{"id":26838,"date":"2023-10-25T14:25:42","date_gmt":"2023-10-25T19:25:42","guid":{"rendered":"https:\/\/breakingintowallstreet.com\/?post_type=biws_kb&#038;p=26712"},"modified":"2024-09-11T07:05:26","modified_gmt":"2024-09-11T12:05:26","slug":"enterprise-value-vs-purchase-price","status":"publish","type":"biws_kb","link":"https:\/\/breakingintowallstreet.com\/kb\/ma-and-merger-models\/enterprise-value-vs-purchase-price\/","title":{"rendered":"Enterprise Value vs. Purchase Price: What is the \u201cTrue\u201d Purchase Price in M&#038;A Deals?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-flat ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Enterprise Value vs. Purchase Price: What is the \u201cTrue\u201d Purchase Price in M&amp;A Deals?<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/breakingintowallstreet.com\/kb\/ma-and-merger-models\/enterprise-value-vs-purchase-price\/#Enterprise_Value_vs_Purchase_Price_and_Why_the_Purchase_Enterprise_Value_is_the_%E2%80%9CTrue_Price%E2%80%9D\">Enterprise Value vs. Purchase Price and Why the Purchase Enterprise Value is the \u201cTrue Price\u201d<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/breakingintowallstreet.com\/kb\/ma-and-merger-models\/enterprise-value-vs-purchase-price\/#Enterprise_Value_vs_Purchase_Price_Other_Adjustments\">Enterprise Value vs. Purchase Price: Other Adjustments<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/breakingintowallstreet.com\/kb\/ma-and-merger-models\/enterprise-value-vs-purchase-price\/#The_Seller_Proceeds_in_an_M_A_Deal\">The Seller Proceeds in an M&amp;A Deal<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/breakingintowallstreet.com\/kb\/ma-and-merger-models\/enterprise-value-vs-purchase-price\/#Enterprise_Value_vs_Purchase_Price_in_M_A_Modeling_and_EPS_Accretion_Dilution\">Enterprise Value vs. Purchase Price in M&amp;A Modeling and EPS Accretion \/ Dilution<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/breakingintowallstreet.com\/kb\/ma-and-merger-models\/enterprise-value-vs-purchase-price\/#%E2%80%9CTransaction_Value%E2%80%9D_and_Other_Metrics\">\u201cTransaction Value\u201d and Other Metrics<\/a><\/li><\/ul><\/nav><\/div>\n\n<blockquote><p><strong>Enterprise Value vs. Purchase Price Definition:<\/strong> In mergers and acquisitions, the <strong>Purchase Enterprise Value<\/strong> represents the \u201ctrue price\u201d because it corresponds to the value of the acquired company\u2019s net operating assets; metrics such as Purchase Equity Value and \u201cTransaction Value\u201d may also be useful in analyses, but they are not the \u201ctrue price\u201d in the same way.<\/p><\/blockquote>\n<p>We receive many questions about the difference between Purchase Equity Value, Purchase Enterprise Value, and Transaction Value: How they differ, what they mean, and which ones are useful when analyzing M&amp;A deals.<\/p>\n<p>First, we should define two very important terms:<\/p>\n<p><strong>Purchase Equity Value:<\/strong> This equals the Offer Price per Share for the acquired company * its (diluted) common shares outstanding. If a buyer pays $10.00 per share for a seller with 150 shares, the Purchase Equity Value is $1,500.<\/p>\n<p><strong>Purchase Enterprise Value:<\/strong> This equals the Purchase Equity Value + Seller\u2019s Debt \u2013 Seller\u2019s Cash, and other items may be included as well, depending on the Seller\u2019s <a href=\"https:\/\/breakingintowallstreet.com\/kb\/accounting\/balance-sheet\/\" target=\"_blank\" rel=\"noopener\">Balance Sheet<\/a>. For more, see <a href=\"https:\/\/breakingintowallstreet.com\/kb\/equity-value-enterprise-value\/how-to-calculate-enterprise-value\/\" target=\"_blank\" rel=\"noopener\">our tutorial on how to calculate Enterprise Value<\/a>.<\/p>\n<p>If the same seller above has $200 of Debt and $100 of Cash, the Purchase Enterprise Value is $1,500 + $200 \u2013 $100 = $1,600.<\/p>\n<p><strong>The conceptual difference is that the Purchase Equity Value represents the price paid for the seller\u2019s <em>Net Assets<\/em> (Assets \u2013 Liabilities), while the Purchase Enterprise Value represents the price paid for just its <em>Net Operating Assets<\/em>.<\/strong><\/p>\n<div class='code-block code-block-2' style='margin: 8px 0; clear: both;'>\n<div class=\"kb-adinsert-modal\">\n    <div class=\"kb-adinsert-top\">\n      <div class=\"media\">\n          <img decoding=\"async\" class=\"alignnone size-full wp-image-28448\" src=\"https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2024\/04\/24164120\/adv-fm-tile.png\" alt=\"PowerPoint Pro\" width=\"128\" height=\"128\" \/>\n      <\/div>\n      <div class=\"content\">\n          <h3>Master Financial Modeling for Investment Banking With <strong>BIWS Core Financial Modeling<\/strong><\/h3>\n      <\/div>\n    <\/div>\n    \n    <div class=\"full_text\">\n    \t<ul>\n        \t<li>\n            \t<h4>Become a financial modeling pro<\/h4>\n              <p>158 videos, detailed written guides, Excel files, quizzes, and more<\/p>\n\t\t\t    <\/li>\n          <li>\n          \t<h4>Complete 10+ detailed global case studies<\/h4>\n            <p>These include both the theory and the practical applications<\/p>\n\t\t\t    <\/li>\n          <li>\n          \t<h4>Prepare for your internship or full-time job<\/h4>\n            <p>Gain the skills you need to \u201chit the ground running\u201d on Day 1\n\n<\/p>\n\t\t\t  <\/li>\n      <\/ul>\n        \n      <a class=\"cta-link orange-button-medium\" href=\"https:\/\/breakingintowallstreet.com\/core-financial-modeling\/\" target=\"_blank\">Full Details<\/a>\n      \n      <a class=\"cta-link orange-button-medium bg-blue\" href=\"https:\/\/biws-support.s3.us-east-1.amazonaws.com\/Course-Outlines\/Core-Financial-Modeling-Course-Outline.pdf\" target=\"_blank\" rel=\"noopener\">Short Outline<\/a>\n    <\/div>\n<\/div><\/div>\n\n<p><img decoding=\"async\" class=\"aligncenter wp-image-26713 size-full\" title=\"Enterprise Value vs. Purchase Price\" src=\"https:\/\/breakingintowallstreet.com\/wp-content\/uploads\/2023\/10\/01-Enterprise-Value-vs-Purchase-Price.jpg\" alt=\"Enterprise Value vs. Purchase Price\" width=\"1296\" height=\"697\" \/><\/p>\n<p>The <strong>short version<\/strong> of the Enterprise Value vs. Purchase Price distinction is as follows:<\/p>\n<p><strong>1) True Purchase Price<\/strong> \u2013 The Purchase Enterprise Value is closest to the \u201ctrue price\u201d in an M&amp;A deal.<\/p>\n<p><strong>2) Seller Proceeds<\/strong> \u2013 The seller\u2019s shareholders, however, do not receive this Purchase Enterprise Value; they receive the <strong>Purchase Equity Value<\/strong> because they are only paid for their common shares.<\/p>\n<p><strong>3) M&amp;A Modeling<\/strong> \u2013 In <a href=\"https:\/\/breakingintowallstreet.com\/kb\/ma-and-merger-models\/merger-model-walkthrough\/\" target=\"_blank\" rel=\"noopener\">merger models<\/a> and <a href=\"https:\/\/breakingintowallstreet.com\/kb\/ma-and-merger-models\/eps-accretion-dilution\/\" target=\"_blank\" rel=\"noopener\">EPS accretion \/ dilution calculations<\/a>, the <strong>Purchase Equity Value<\/strong> is often more relevant because the seller\u2019s existing Cash and Debt usually make a marginal impact on the combined statements \u2013 even though they factor into the \u201ctrue price.\u201d<\/p>\n<p>This last point tends to be why this topic causes so much confusion: The \u201ctrue price\u201d is not necessarily the most relevant metric for <a href=\"https:\/\/mergersandinquisitions.com\/financial-modeling\/\" target=\"_blank\" rel=\"noopener\">financial modeling purposes<\/a>, especially in acquisitions of public companies.<\/p>\n<p>Here is the Excel file and slide presentation for this tutorial:<\/p>\n<p><a href=\"https:\/\/youtube-breakingintowallstreet-com.s3.us-east-1.amazonaws.com\/108-17-Purchase-Price-MA-Deals.xlsx\" target=\"_blank\" rel=\"noopener\">Simple Merger Model &#8211; The &#8220;True&#8221; Purchase Price (XL)<\/a><\/p>\n<p><a href=\"https:\/\/youtube-breakingintowallstreet-com.s3.us-east-1.amazonaws.com\/108-17-Purchase-Price-MA-Deals-Slides.pdf\" target=\"_blank\" rel=\"noopener\">Enterprise Value vs. Purchase Price &#8211; Slides (PDF)<\/a><\/p>\n<h3><strong>Video Table of Contents:<\/strong><\/h3>\n<p><strong>0:00:<\/strong> Introduction<\/p>\n<p><strong>3:56:<\/strong> Why Purchase Enterprise Value is the &#8220;True Purchase Price&#8221;<\/p>\n<p><strong>7:01:<\/strong> Adjustments to Purchase Enterprise Value<\/p>\n<p><strong>8:40:<\/strong> The Seller&#8217;s Proceeds<\/p>\n<p><strong>9:24:<\/strong> The Price in M&amp;A Models<\/p>\n<p><strong>12:16:<\/strong> Recap and Summary<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Enterprise_Value_vs_Purchase_Price_and_Why_the_Purchase_Enterprise_Value_is_the_%E2%80%9CTrue_Price%E2%80%9D\"><\/span><strong>Enterprise Value vs. Purchase Price and Why the Purchase Enterprise Value is the \u201cTrue Price\u201d<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As a <strong>baseline<\/strong> in any deal, the buyer must pay for all the seller\u2019s shares, corresponding to the Purchase Equity Value, or Offer Price * (Diluted) Common Shares.<\/p>\n<p>If the seller has <strong>Debt<\/strong>, the buyer has three options:<\/p>\n<p><strong>1) Assume<\/strong> the Debt, i.e., keep it in place as-is (rare because most debt agreements do not allow this).<\/p>\n<p><strong>2) Refinance<\/strong> the Debt, i.e., issue new Debt for the same amount and use the proceeds to repay the existing Debt (the most common outcome, by far).<\/p>\n<p><strong>3) Repay<\/strong> the Debt with Cash on hand (very rare).<\/p>\n<p>If the buyer repays the Debt in full (option #3), it\u2019s obvious that the Debt <strong>increases<\/strong> the effective price because the buyer is paying extra.<\/p>\n<p><strong>But even with the first two options, the buyer<em> effectively<\/em> pays for the Debt because it either assumes responsibility for it or <em>issues new Debt<\/em> and now has responsibility for repaying that new Debt.<\/strong><\/p>\n<p>Saying that refinancing the seller&#8217;s Debt doesn\u2019t represent \u201cpayment\u201d is like arguing that when you refinance a mortgage on a home, the new mortgage doesn\u2019t count toward the total price.<\/p>\n<p>Of course it does! Yes, maybe it\u2019s a new issuance, but a home\u2019s total price is still based on the equity + debt (mortgage) used to buy it.<\/p>\n<p>With the seller\u2019s <strong>Cash<\/strong>, there are two main options:<\/p>\n<p>1) In <a href=\"https:\/\/breakingintowallstreet.com\/kb\/leveraged-buyouts-and-lbo-models\/cash-free-debt-free-basis\/\" target=\"_blank\" rel=\"noopener\">cash-free debt-free deals<\/a>, it might be <strong>distributed<\/strong> to the seller\u2019s shareholders as the deal closes.<\/p>\n<p>2) In acquisitions of public companies, it might be <strong>retained<\/strong> by the buyer and added to its total Cash balance.<\/p>\n<p><strong>But in either case, the seller\u2019s Cash reduces the effective acquisition price<\/strong>.<\/p>\n<p>In the first case, the Cash distribution will reduce the Purchase Equity Value, and the buyer will pay less for each of the seller\u2019s shares.<\/p>\n<p>This is because Equity Value is based on <strong>Net Assets<\/strong>, and a Cash distribution to shareholders reduces the company\u2019s Net Assets.<\/p>\n<p>In the second case, the buyer \u201cgets\u201d the seller\u2019s Cash when the deal closes, which reduces its <strong>effective price<\/strong>.<\/p>\n<p>Yes, maybe it paid $1,000 for the seller\u2019s shares, but it also got the seller\u2019s $200 in Cash, so it only \u201cpaid\u201d a net amount of $800 for the seller.<\/p>\n<p><strong>Therefore, since the seller\u2019s existing Debt always increases the <em>effective price<\/em>, and the seller\u2019s existing Cash always reduces it, the \u201ctrue price\u201d is the Purchase Enterprise Value: Purchase Equity Value + Debt \u2013 Cash.<\/strong><\/p>\n<p>We might calculate it as shown below in the simpler merger model example used in this article:<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-26714 size-full\" title=\"The True Purchase Price and Enterprise Value\" src=\"https:\/\/breakingintowallstreet.com\/wp-content\/uploads\/2023\/10\/02-True-Purchase-Price-Enterprise-Value.jpg\" alt=\"The True Purchase Price and Enterprise Value\" width=\"601\" height=\"277\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Enterprise_Value_vs_Purchase_Price_Other_Adjustments\"><\/span><strong>Enterprise Value vs. Purchase Price: Other Adjustments<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Some people argue that the Purchase Enterprise Value is close to, but not exactly, the true price in M&amp;A deals because of <strong>other adjustments<\/strong>.<\/p>\n<p>For example, each M&amp;A deal involves <strong>transaction fees<\/strong> for legal, accounting, and advisory services, and if the buyer uses Debt or refinances existing Debt, there will also be <strong>financing fees<\/strong>.<\/p>\n<p>Also, in <a href=\"https:\/\/breakingintowallstreet.com\/kb\/leveraged-buyouts-and-lbo-models\/cash-free-debt-free-basis\/\" target=\"_blank\" rel=\"noopener\">cash-free debt-free deals<\/a>, the seller has a <strong>Minimum Cash requirement<\/strong>, and since it distributes all its Cash to shareholders, <strong>the buyer<\/strong> must pay for this.<\/p>\n<p>So, you could argue that we should subtract (Total Cash \u2013 Minimum Cash), or the seller\u2019s Excess Cash, rather than the Total Cash when calculating the \u201ctrue price.\u201d<\/p>\n<p>This alternative calculation is shown below:<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-26715 size-full\" title=\"Adjustments to the &quot;True&quot; Purchase Price\" src=\"https:\/\/breakingintowallstreet.com\/wp-content\/uploads\/2023\/10\/03-True-Purchase-Price-Adjustments.jpg\" alt=\"Adjustments to the &quot;True&quot; Purchase Price\" width=\"654\" height=\"380\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_Seller_Proceeds_in_an_M_A_Deal\"><\/span><strong>The Seller Proceeds in an M&amp;A Deal<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The point about the <strong>seller proceeds<\/strong> in deals is very straightforward: If it\u2019s a public seller, the shareholders get the Offer Price * (Diluted) Common Shares, AKA the Purchase Equity Value.<\/p>\n<p>For private sellers in cash-free debt-free deals, the buyer pays the Purchase Enterprise Value, and the seller repays its Debt using all its available Cash.<\/p>\n<p>If Debt remains, it\u2019s deducted from their remaining proceeds; if Cash remains, it adds to them.<\/p>\n<p><strong>Therefore, the seller proceeds equal this same Purchase Equity Value: Purchase Enterprise Value \u2013 Debt + Cash.<\/strong><\/p>\n<p>Since we\u2019re moving <em>from<\/em> Enterprise Value <em>to<\/em> Equity Value, we \u201ccross the bridge\u201d in the opposite direction.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Enterprise_Value_vs_Purchase_Price_in_M_A_Modeling_and_EPS_Accretion_Dilution\"><\/span><strong>Enterprise Value vs. Purchase Price in M&amp;A Modeling and EPS Accretion \/ Dilution<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In the context of a merger model, the <strong>Purchase Equity Value<\/strong> is often the more relevant driver because a seller\u2019s existing Cash and Debt make a marginal impact in most cases.<\/p>\n<p>For example, if you\u2019re <a href=\"https:\/\/breakingintowallstreet.com\/kb\/ma-and-merger-models\/merger-model-template\/\" target=\"_blank\" rel=\"noopener\">calculating the amount of Cash, Stock, and Debt that a buyer must use to fund a deal<\/a>, you\u2019ll typically base them on the Purchase Equity Value:<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-26716 size-full\" title=\"Merger Model Drivers and the Purchase Equity Value\" src=\"https:\/\/breakingintowallstreet.com\/wp-content\/uploads\/2023\/10\/04-Merger-Model-Drivers.jpg\" alt=\"Merger Model Drivers and the Purchase Equity Value\" width=\"1409\" height=\"635\" \/><\/p>\n<p>This happens for two main reasons:<\/p>\n<p><strong>1) Combined Interest Income<\/strong> \u2013 If the buyer \u201cgets\u201d the seller\u2019s Cash, the Combined Interest Income is simply the buyer\u2019s Interest Income + the seller\u2019s Interest Income. The purchase price and offer premium make absolutely no difference.<\/p>\n<p><strong>2) Combined Interest Expense<\/strong> \u2013 If the buyer assumes or refinances the seller\u2019s Debt, the Combined Interest Expense equals the buyer\u2019s Interest Expense + the seller\u2019s Interest Expense. Again, the deal price makes no difference because these items are combined. There may be a minor adjustment if the interest rate on the Debt changes.<\/p>\n<p>This image of the Combined Income Statement sums up the rationale:<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-26717 size-full\" title=\"Combined Income Statement and the Seller's Cash and Debt\" src=\"https:\/\/breakingintowallstreet.com\/wp-content\/uploads\/2023\/10\/05-Combined-Income-Statement.jpg\" alt=\"Combined Income Statement and the Seller's Cash and Debt\" width=\"1487\" height=\"869\" \/><\/p>\n<p><strong>In other words, only the Purchase Equity Value results in <em>changes<\/em> on the Combined Income Statement over a simple combination of the buyer + seller\u2019s Income Statements.<\/strong><\/p>\n<p>The three main ones are the Foregone Interest on Cash, Interest Paid on New Debt, and New Shares Issued:<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-26718 size-full\" title=\"Acquisition Effects on the Combined Income Statement\" src=\"https:\/\/breakingintowallstreet.com\/wp-content\/uploads\/2023\/10\/06-Income-Statement-Aquisition-Effects.jpg\" alt=\"Acquisition Effects on the Combined Income Statement\" width=\"1455\" height=\"866\" \/><\/p>\n<p>In a cash-free debt-free deal, the seller\u2019s Debt works the same way: The buyer refinances it, and the Combined Interest Expense equals the buyer + seller\u2019s separate Interest Expense lines.<\/p>\n<p><strong>The Interest Income and Cash are slightly different in this case because the seller\u2019s Cash will decrease, so its Interest Income will decrease \u2013 however, the Purchase Equity Value will also be lower <em>because of<\/em> this Cash distribution<\/strong>.<\/p>\n<p>Therefore, even in a cash-free debt-free deal, the Purchase Equity Value is more of a model driver, although you will have to adjust the Combined Interest Income slightly.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%9CTransaction_Value%E2%80%9D_and_Other_Metrics\"><\/span><strong>\u201cTransaction Value\u201d and Other Metrics<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Finally, you might wonder about metrics such as \u201cTransaction Value\u201d or \u201cTransaction Size.\u201d<\/p>\n<p><strong>The short answer is that people use these metrics when they don\u2019t know if they\u2019re referring to the Purchase Equity Value, Purchase Enterprise Value, or something else, such as the % Acquired * Purchase Equity Value<\/strong>.<\/p>\n<p>You need to clarify what they are referring to because \u201cTransaction Value\u201d is a vague term that could refer to anything here.<\/p>\n<p>Sources like Capital IQ make this even more confusing by defining a \u201cTransaction Size\u201d metric in its <a href=\"https:\/\/breakingintowallstreet.com\/kb\/valuation\/precedent-transaction-analysis\/\" target=\"_blank\" rel=\"noopener\">Precedent Transactions template<\/a> that equals the Purchase Enterprise Value + Cash; we have no idea what this is supposed to represent:<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-26719 size-full\" title=\"Transaction Value on Capital IQ\" src=\"https:\/\/breakingintowallstreet.com\/wp-content\/uploads\/2023\/10\/07-Transaction-Value.jpg\" alt=\"Transaction Value on Capital IQ\" width=\"876\" height=\"685\" \/><\/p>\n<p>When you see language such as \u201cincluding debt\u201d or \u201cincluding assumption of net debt\u201d in press releases, this refers to the Purchase Enterprise Value:<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-26720 size-full\" title=\"Purchase Enterprise Value in a News Article\" src=\"https:\/\/breakingintowallstreet.com\/wp-content\/uploads\/2023\/10\/08-Purchase-Enterprise-Value.jpg\" alt=\"Purchase Enterprise Value in a News Article\" width=\"837\" height=\"116\" \/><\/p>\n<p>But if you\u2019re in doubt, or something doesn\u2019t quite add up, your best option is to review the deal filings and acquired company\u2019s financials to resolve this Enterprise Value vs. Purchase Price question.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this tutorial, you&#8217;ll learn about the Enterprise Value vs. Purchase Price in M&#038;A deals and why the Purchase Enterprise Value represents the &#8220;true price&#8221; in most cases.<\/p>\n","protected":false},"featured_media":0,"template":"","class_list":["post-26838","biws_kb","type-biws_kb","status-publish","hentry","kb_category-ma-and-merger-models"],"acf":[],"_links":{"self":[{"href":"https:\/\/breakingintowallstreet.com\/wp-json\/wp\/v2\/biws_kb\/26838","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/breakingintowallstreet.com\/wp-json\/wp\/v2\/biws_kb"}],"about":[{"href":"https:\/\/breakingintowallstreet.com\/wp-json\/wp\/v2\/types\/biws_kb"}],"wp:attachment":[{"href":"https:\/\/breakingintowallstreet.com\/wp-json\/wp\/v2\/media?parent=26838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}