Why is target equity 'zapped' to zero after closing?

In consolidation, the buyer does not carry forward the target's historical equity as group equity. The target's book equity is eliminated against the investment account, and the acquired assets and liabilities are brought onto the combined balance sheet at fair value. Any excess purchase price becomes new goodwill. This is why target equity is 'zapped': the buyer owns the assets and liabilities, not the target's old equity account.