Event Publicly Available Information:
The Eligible Market Participant that submitted the DC Question has requested that the DC consider whether there is a Successor with respect to Pachelbel Bidco S.p.A.
The Eligible Market Participant provided the following in support of its question:
See notice of the reverse merger of Pachelbel Bidco SpA into Multiversity S.p.A.
Offering circular with details of Obligations
The EMEA DC met on 19 May 2026 to commence deliberations on the DC Question.
| Date | Description | Document |
|---|---|---|
| Closed | EMEA DC Meeting Statement – 20 May 2026 The EMEA DC considered the DC Question in respect of Pachelbel Bidco S.p.A. (Pachelbel) in respect of 2014 Transactions. The EMEA DC noted that on 15 September 2025 it was announced that Pachelbel had merged with and into Multiversity S.p.A. (Multiversity) and ceased to exist as a stand-alone entity. Based on the Italian Companies’ Register, the merger was effective on 12 September 2025. Multiversity, as the sole surviving entity, also assumed the rights and obligations of Pachelbel under its indenture dated 17 May 2024 and the €600m Senior Secured Floating Rate Notes due 2031 and the €500m Senior Secured Fixed Rate Notes due 2031 issued thereunder. The EMEA DC noted that the offering memorandum in respect of such notes also stated that Pachelbel would guarantee certain debt obligations issued by Multiversity. The EMEA DC is not aware of any Eligible Information that suggests any entity other that Multiversity succeeded to any obligations of Pachelbel. Accordingly, based on Eligible Information, the EMEA DC determined that following the merger Pachelbel ceased to exist and Multiversity became liable for all of Pachelbel’s obligations, including its Relevant Obligations. Accordingly the EMEA DC concluded that Multiversity S.p.A. was the Universal Successor to Pachelbel Bidco S.p.A., and accordingly, the sole Successor for 2014 Transactions, and that the Succession Date was 12 September 2025. The EMEA DC also agreed to direct the SRO Administrator to adjust the SRO List such that the existing Pachelbel SRO at the Senior Level (i.e. €500m Senior Secured Fixed Rate Notes due 2031 (XS2816638873)) continues to be the SRO at the Senior Level in respect of Multiversity S.p.A. | |
| Request Accepted by DC | ||
| Pending DC Consent |