Key facts
- Epiris is in talks to buy TalkTalk's wholesale arm, PXC, for £200 million.
- Epiris has agreed to take Gamma Communications private for approximately £1.02 billion.
- The Gamma Communications acquisition values its equity at around £1.02 billion and enterprise value at £1.08 billion.
- The Gamma deal is expected to complete in the first half of 2027, subject to shareholder and regulatory approval.
- Gamma Communications' board unanimously recommends the cash offer from Epiris.
- HarbourVest and Limewood Capital are co-investing with Epiris in the Gamma deal.
Private equity firm Epiris is reportedly in discussions to acquire the wholesale arm of UK telecoms provider TalkTalk, known as PXC, for approximately £200 million. This potential deal emerges as Epiris is simultaneously proceeding with its agreement to take Gamma Communications, a major wholesale supplier of hosted telephony in the UK, private.
Epiris has agreed to acquire Gamma Communications through its acquisition vehicle, Bradbury Bidco Limited, for a recommended cash offer. This deal values Gamma's equity at around £1.02 billion and its enterprise value at approximately £1.08 billion, representing a 53% premium to its share price before talks began. The acquisition is structured as a court-sanctioned scheme of arrangement and is expected to be completed in the first half of 2027, pending shareholder and regulatory approvals. Gamma's directors have unanimously recommended the offer, with HarbourVest and Limewood Capital co-investing alongside Epiris.
Gamma Communications provides business phone systems, SIP trunking, cloud calling, and operates its own telecoms network, serving small to medium-sized businesses, larger corporates, and public sector bodies across the UK and Germany. A significant portion of its services are delivered through a reseller channel, meaning many businesses utilize Gamma's infrastructure under different supplier brands.