Gamma Communications

Telecom · Business Communications · Private Equity

Acquisition

PE firm Epiris agrees £1.015bn take-private of Gamma Communications

The all-cash deal caps months of bidding tension and adds another blue-chip name to the exodus of companies quitting the London market for private ownership.

• Epiris's newly formed Bradbury Bidco vehicle agreed a recommended all-cash offer of 1,120p per share, valuing Gamma Communications at approximately £1,015 million (£1,079 million enterprise value).
• Gamma Communications is a European provider of business-critical communications technology, including cloud telephony and connectivity services for enterprises.
• The offer represents roughly a 53% premium to Gamma's £7.32 closing share price on 7 April 2026, the last trading day before takeover speculation emerged.
• The acquisition will proceed via a Scheme of Arrangement and is expected to complete in the first half of 2027, subject to shareholder and regulatory approval.
• The deal ends a months-long contest for Gamma that also drew interest from Waterland Private Equity, Oakley Capital, Providence Equity Partners and Matthew Riley's Giacom.
• Gamma's take-private was announced the same day Veritas Capital agreed to buy fellow FTSE 250 firm Bodycote for about £1.9 billion, part of a broader wave of UK delistings.
• UK takeover activity has surged past $100 billion in 2026 as private equity firms target London-listed companies they see as underpriced versus private-market valuations.
• The deal highlights how cash-generative UK telecom and industrial firms keep getting bid away from public markets, deepening concerns about the London Stock Exchange's shrinking mid-cap roster.