An electronics manufacturer that employed $800$ people was planning to close its Wisconsin operation and move the assembly offshore. Under the direction of a financial services company that financed the deal, the employees agreed to become owners of the company and continue to operate the business. The business concept that describes this arrangement is

Multiple Choice

HM $($horizontal merger$).$

IPO $($initial public offering$).$

EPO $($equity public offering$).$

LBO $($leveraged buyout$).$