Epiris has agreed to acquire London-listed telecoms provider Gamma Communications for approximately £1.015bn, with the private equity firm planning to take the business private and sell certain divisions to telecoms services company Giacom.
Under the recommended cash offer, shareholders in Gamma will receive 1,120p per share, valuing the company’s entire issued and to-be-issued share capital at around £1.015bn on a fully diluted basis. The transaction gives Gamma an implied enterprise value of approximately £1.079bn. The offer represents a 53% premium to Gamma’s closing share price of 732p on 7 April 2026, the last trading day before the company entered an offer period.
It also represents premiums of 55% to its volume-weighted average price between 25 March and 7 April and 41% to its one-month VWAP before 7 April. Epiris has established Bradbury Bidco, a newly incorporated entity formed by funds managed or advised by Epiris GP III, to make the acquisition.
The proposed acquisition follows a competitive process for Gamma in which other financial investors have also been linked to the business. Epiris’ offer comes after Gamma confirmed that it had been in discussions with multiple potential bidders. Epiris said it sees Gamma as a leading European provider of business-critical communications technology, with established positions in the UK and Germany and an expanding presence across Europe.
The private equity firm intends to support the company’s next phase of growth through increased investment in products and services, commercial capabilities and artificial intelligence adoption. It also believes Gamma will have greater flexibility to invest and pursue its long-term strategy as a private company.
Epiris added that it will be supported by HarbourVest and Limewood Capital as co-investors in the transaction. Gamma’s board has unanimously recommended the offer, with directors saying the transaction provides shareholders with “attractive and certain value in cash”.
The acquisition is expected to be implemented through a court-sanctioned scheme of arrangement, subject to shareholder approval and certain antitrust and regulatory conditions.
Ian Wood, partner at Epiris, 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.”
