Epiris Agrees £1.02bn Takeover of Gamma Communications

Gamma Communications plc (LON: GAMA), the FTSE 250 business communications provider, confirmed on Tuesday a recommended cash offer from Bradbury Bidco Limited, a vehicle backed by private equity firm Epiris, valuing the company at approximately £1,015 million on a fully diluted basis.

Under the terms, Gamma shareholders will receive 1,120 pence per share in cash, a 53% premium to the £7.32 closing price on 7 April 2026—the last trading day before the offer period began—and a 41% premium to the one-month volume-weighted average price prior to that date. The implied enterprise value stands at roughly £1,079 million.

The deal will be executed via a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act, requiring approval from Gamma shareholders and the courts, with completion expected in the first half of 2027.

Gamma’s board, advised by Barclays and Q Advisors, unanimously intends to recommend the offer. Chair Martin Hellawell said the board remains confident in Gamma’s long-term prospects but concluded the acquisition offers “attractive and certain value in cash.” Directors holding roughly 0.13% of shares have given irrevocable undertakings to support the deal.

Epiris Partner Ian Wood praised Gamma’s “strong market positions in the UK and Germany” and said the firm aims to accelerate growth through investment and AI adoption as a private company. HarbourVest and Limewood Capital are joining as co-investors.

Shares traded flat on Tuesday, suggesting the market had largely priced in takeover speculation since the offer period opened in April.