Contains spoilers for this episode and earlier episodes.
Kendall and Roman travel to GoJo's retreat in Norway with Shiv and Waystar's senior executives, who worry that Matsson is assessing whom to dismiss after the acquisition. Matsson offers a higher price but wants ATN included in the purchase, overturning Logan's plan to keep the network. Shiv supports selling ATN and alerts her brothers to its closeness with Mencken's campaign. Kendall and Roman try to preserve the carve-out, then privately decide they want to keep the whole company. They need Matsson to withdraw rather than openly refuse a deal that could benefit shareholders. Kendall has Greg leak reports of friction between the companies.
Shiv meets Matsson separately and hears his admission that he has repeatedly sent his frozen blood to Ebba, a former partner who heads his public relations team. She advises him about managing the potential scandal. On a mountaintop, Matsson sees through the brothers' attempt to sabotage negotiations and threatens to bypass them. Roman loses his temper, condemns Matsson for dragging them abroad immediately after Logan's death and says the deal is off. Matsson responds by raising his offer to 192 dollars per share through Frank. The executives celebrate the improved terms while Kendall and Roman hide their disappointment. The dismissal list spares Tom, Gerri and Karolina, and Shiv sends Matsson a photograph of her brothers.