The main lender for Stella was UBS. They have a $905m loan...

The main lender for Stella was UBS. They have a $905m loan against the Stella property and business.

The sale was on an equity-adjusted basis so the debt for Stella is to be paid 65% by CVC and 35% by MFS.

Effectively MFS sold 65% together with the proportion of debt for $409m. That equates to a total Stella value of $630m., inclusive of debt.

Thus the value of Stella (ex. debt) is $630 + $905m.
That's $1535m.

The problem you mention seems to be that MFS also loaned money and/or issued shares for STella business purchases. MFS got none of that.