Key facts
- Oakley Capital and Giacom founder Matthew Riley are reportedly preparing a £1 billion bid for Gamma Communications.
- Gamma Communications confirmed it is in preliminary discussions with several potential offerors.
- The company's market capitalization is approximately £930.81 million.
- Gamma has confirmed that Epiris LLP and a consortium comprising Oakley Capital and Giacom are among the parties in discussions.
- Both Epiris and the Consortium have until June 12, 2026, to make a firm offer or withdraw.
Private equity firm Oakley Capital and Matthew Riley, the founder and chairman of managed communications provider Giacom, are reportedly preparing a £1 billion bid to acquire and subsequently break up the London-listed telecoms firm Gamma Communications. This potential deal follows recent takeover speculation surrounding Gamma, which has confirmed it is engaged in preliminary discussions with multiple interested parties.
Gamma stated that these discussions are in their early stages and that there is no certainty an offer will be made. The company has confirmed that Epiris LLP and a consortium comprising Oakley Capital and Giacom are among the parties involved. Both Epiris and the Consortium have until June 12, 2026, to announce a firm intention to make an offer, as per the UK's takeover code.
Matthew Riley and Oakley Capital have a prior working relationship, having collaborated at Damovo and Daisy Group, which they developed into a significant business telecoms provider. The news emerges approximately six months after Gamma secured a six-year commitment with O2 Business, which included an expansion of their existing agreement and the transition of Gamma's UK SME direct customer base to O2 Business. Providence Equity Partners has also been identified as a potential suitor for Gamma.