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Business ISP and IT provider Gamma Communications has this morning confirmed that their board has proposed to accept a cash offer from private equity firm Epiris, which implies an enterprise value of approximately £1.079bn. The deal, if approved, will be managed through a newly incorporated entity called Bradbury Bidco Limited.
Regular readers will recall that the battle for control of Gamma has been going on for months now, with Matthew Riley’s Giacom, Oakley Capital, Waterland Private Equity and Providence Equity Partners frequently being linked to a deal as part of different approaches for the provider (Waterland’s engagement was also linked to a potential agreement with Giacom).
However, the private equity firm Epiris, which was recently linked to separate talks for TalkTalk’s wholesale business (PXC), had also been engaged in talks with Gamma. Last month the Takeover Panel appeared to set deadlines for both Epiris and Waterland to lodge a formal offer or lose their chance to bid again for several months.