UK private equity firm Epiris has agreed to acquire telecommunications company Gamma Communications in a transaction valuing the business at approximately £1.08bn, according to a report by Reuters.
Under the terms of the recommended offer, which brings months of takeover discussions to a close, Gamma shareholders will receive 1,120 pence in cash for each share, putting the equity value of the company at around £1.02bn.
The offer represents a 53% premium to Gamma’s closing share price on 7April, when the company first confirmed it was in discussions regarding a potential sale.
Gamma has attracted interest from several private equity firms during the takeover process. Oakley Capital and Providence Equity Partners abandoned their respective approaches in June, while Waterland Private Equity Investments also held preliminary discussions about a possible transaction.
Gamma provides communications services and technology to businesses, operating across areas including cloud communications and connectivity.
The transaction is subject to the usual conditions and approvals required for completion.
