Gamma shareholders vote on £1bn Epiris takeover on 20 October
The scheme document moves the channel-led communications supplier closer to private ownership – and to a product portfolio review its new owner plans within six months of completion
- Value: about £1.02bn for Gamma’s fully diluted equity, with an implied enterprise value of about £1.08bn
- Premium: about 53% to Gamma’s closing price of 732p on 7 April 2026, before the offer period began
- Proxy deadline: 16 October 2026, ahead of the 20 October meetings
- Long-stop date: 31 August 2027, the latest date by which the scheme must be implemented
Setting out the risks of going alone made a cash exit easier for shareholders to accept, and it also hands rivals a map of the pressures on the sector. Leaders of other listed UK communications businesses facing the same pressures are likely to attract similar interest from private equity, and should decide in advance whether they would sell whole or in parts. The planned portfolio review is the signal: a private owner is likely to prune legacy lines faster than a listed board could.
“The Board has nevertheless concluded that the Acquisition provides Gamma Shareholders with attractive and certain value in cash.”Martin Hellawell, chair, Gamma Communications
Gamma Communications published the scheme document for its recommended sale to Bradbury Bidco, a vehicle controlled by funds managed by private-equity firm Epiris, on 25 September. The document sets the court meeting and general meeting for 20 October, where shareholders will vote on a cash offer of 1,120p a share.
The terms were agreed on 1 September, when Gamma’s board said it had weighed several proposals, including bids for distinct parts of the group, before backing Epiris. The board listed the risks to its standalone plan, among them pressure on UK small businesses, the PSTN switch-off and pricing competition. Directors holding about 0.13% of the shares have irrevocably agreed to vote in favor.
The October vote doesn’t close the deal. The scheme also needs court sanction, antitrust clearance in Germany and Austria and foreign investment approvals in Australia, Germany, Spain, the Netherlands and the UK.
Epiris’s plans are stated intentions rather than commitments. It said it would carry out a “Strategic Evaluation” of Gamma’s strategy, operations and product portfolio within about six months of completion. The review covers acquisitions, disposals and “declining segments” across the Calling, Cloud Communications and Connectivity categories. Epiris said it doesn’t intend any material cut in headcount in the first 12 months, though roles tied to Gamma’s listed status may be affected.
Sources
- Gamma Communications, “Publication of Scheme Document”, RNS announcement, 25 September 2026. https://www.investegate.co.uk/announcement/rns/gamma-communications--gama/publication-of-scheme-document/9790275
- Gamma Communications and Bradbury Bidco, “Offer for Gamma Communications plc”, Rule 2.7 announcement, 1 September 2026. https://www.investegate.co.uk/announcement/rns/gamma-communications--gama/offer-for-gamma-communications-plc/9747182
