Sorry, I made a mistake above.
By acquiring BKW’s 42.7% in SOL, Company XYZ would end up owning only 42.7*44.0% = 18.8% of BKW.
Therefore, BKW’s existing shareholders would own 81.2% of BKW’s NCAV after disposal of their holding in SOL, i.e. 81.2%*2,344m$ = 1,903m$.
That is still less than BKW’s current market cap of 2,242m$, though; in particular, it follows that BKW’s operating business is being implicitly valued by the market at 339m$ (positive).
Apologies to all uninterested OMN shareholders for the continued digression.
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