Today, an announcement has been made that Gamma Communications plc has accepted a cash offer from Bradbury Bidco Limited (a newly incorporated company controlled by funds managed and/or advised by Epiris GP III Limited and its affiliates) under a Scheme of Arrangement, subject to regulations and customary approvals being met.
A Scheme of Arrangement is essentially a legal mechanism for a company to be bought by another company, with the deal becoming binding on all shareholders once the required approvals are obtained. In Gamma’s case, it’s the mechanism being used to potentially take Gamma back to a private company.
Gamma’s Board has unanimously recommended a £11.20 per Gamma share offer.
The announcement currently expects completion in H1 2027, subject to the conditions being satisfied or waived.
Commenting on the Acquisition, Martin Hellawell, Chair of Gamma, has said:
“Gamma has built a leading position in European business communications through sustained investment in its products, technology, people and customer relationships. The Board remains confident in the Company’s strategy and long-term prospects. The Board has nevertheless concluded that the Acquisition provides Gamma Shareholders with attractive and certain value in cash. Having considered the terms of the Acquisition carefully, the Board intends unanimously to recommend it to Gamma Shareholders.“
Commenting on the Acquisition and Gamma, Ian Wood, Partner of Epiris, has said:
“Gamma is a complex and highly resilient business, with strong market positions in the UK and Germany and a growing presence across Europe. Epiris has followed the company, and the wider telecoms sector, closely for a number of years, and we are excited to work with Gamma’s management team to continue its growth as a private company. We believe that the Acquisition represents a compelling and deliverable offer which provides Gamma Shareholders with certainty of value. We are delighted to have the support of HarbourVest and Limewood Capital as co-investors in this transaction.”
