Westparley (2020) shareholder’s gain

Hi John, I passed FM with your help, and now I will be taking AFM next week.

The Westparley question is quite confusing to me.

The gain for shareholders of Westparley is calculated as below:

Value attributable to Westparley Co shareholders = present value of cash flows + proceeds from sell-off + value of synergies – value to Matravers Co’s investors

In the equation, Westparley’s debt is not considered.

As the cash flow is FCFF, not all cash flow is attributable to shareholders. Shouldn’t the Westparley’s debt subtracted from that equation?

Thank you.