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HedgeCo.Net \u2014 Epiris and Gamma Communications said Tuesday they had agreed a recommended cash offer of 1,120 pence a share, valuing the FTSE 250 communications group at about \u00a31,015 million on a fully diluted basis and implying an enterprise value of about \u00a31,079 million. The Rule 2.7 announcement on Investegate is the primary. ISPreview independently printed the same 1,120 pence price, the same \u00a31,015 million equity value, and the same \u00a31,079 million enterprise value.<\/p>\n
Bradbury Bidco Limited, a newly incorporated vehicle controlled by funds managed or advised by Epiris GP III Limited, will acquire the whole issued and to-be-issued ordinary share capital by a court-sanctioned scheme of arrangement. The price is a 53 percent premium to Gamma\u2019s \u00a37.32 close on 7 April 2026, the last trading day before the offer period began, a 55 percent premium to the volume-weighted average from 25 March through that date, and a 41 percent premium to the one-month VWAP before the undisturbed date. Completion is currently expected in the first half of 2027, subject to shareholder votes and antitrust and foreign-investment clearances including Germany, Austria, Australia, Spain, the Netherlands, and the United Kingdom.<\/p>\n
HarbourVest and Limewood Capital are named as co-investors. Ares Funds are providing debt financing under an interim facilities agreement and are expected to hold a minority interest in an indirect parent of Bidco. Goldman Sachs is exclusive financial adviser to Epiris and Bidco and confirmed sufficient cash is available to satisfy the consideration. Gamma\u2019s directors, advised by Barclays and Q Advisors, intend to recommend the scheme unanimously. Directors\u2019 irrevocable undertakings cover 114,824 shares, about 0.13 percent of the shares in issue excluding treasury as of 28 August 2026. Gamma has 89,144,656 voting shares.<\/p>\n
This is a recommended take-private, not a close. Mark 1,120 pence, \u00a31,015 million equity, and H1 2027 as the working timetable. Do not treat Ares\u2019 debt line as the equity check, and do not file HarbourVest or Limewood as lead sponsors. The allocator object is Epiris Fund III buying a cash-generative UK-and-Germany communications platform off the London list.<\/p>\n","protected":false},"excerpt":{"rendered":"
HedgeCo.Net \u2014 Epiris and Gamma Communications said Tuesday they had agreed a recommended cash offer of 1,120 pence a share, valuing the FTSE 250 communications group at about \u00a31,01\u2026 Continue reading