Gamma Communications PLC Offer for VOZTELECOM OIGAA360, S.A (3970D)
18 Febrero 2020 - 12:29PM
UK Regulatory
TIDMGAMA
RNS Number : 3970D
Gamma Communications PLC
18 February 2020
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
IN, INTO OR FROM THE UNITED STATES OR ANY JURISDICTION WHERE TO DO
SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS
OF THAT JURISDICTION
18 February 2020
Gamma Communications plc
Offer to acquire VOZTELECOM OIGAA360, S.A - a leading provider
of IP telephony services in Spain
Gamma Communications plc ("Gamma"), a leading technology-based
provider of communications services to the business markets in the
UK and the Netherlands, is pleased to announce that its
wholly-owned subsidiary, Gamma Communications Europe B.V., has made
an offer to acquire the entire issued and to be issued share
capital of VOZTELECOM OIGAA360, S.A ("VozTelecom") (the
"Offer").
VozTelecom is admitted to trading on the Mercado Alternativo
Bursátil in Spain. Accordingly, the Offer will be implemented by
means of a takeover offer under the relevant Spanish
legislation.
The Offer values the entire issued and to be issued ordinary
share capital of VozTelecom at approximately EUR25.3 million
(GBP21.0 million) on a fully diluted basis. The cash consideration
payable pursuant to the Offer will be financed from the Gamma
group's existing cash resource (which was GBP53.8 million as at 31
December 2019). VozTelecom's net debt at 31 December (adjusted for
convertible bonds) was approximately EUR5.2m which would imply an
enterprise value of cEUR30.5 million (cGBP25.3 million).
Full details of the Offer can be found here:
https://www.bolsasymercados.es/mab/documentos/HechosRelev/2020/02/05156_HRelev_20200218.pdf
Background information
VozTelecom is one of the leading Cloud PBX providers in Spain
with c40,000 seats which equates to a market share of 5% and is the
largest Cloud PBX business aside from the major fixed line and
mobile network operators. VozTelecom provides service to end users
directly and through a network of wholesale partners, franchisees
and dealers. Like Gamma, VozTelecom has an excellent reputation for
delivery through a well-established partner channel.
As part of its stated European expansion strategy, Gamma has
identified Spain as one of its key target geographies. With an
overall market size of c. 18 million PBX seats (slightly smaller
than the UK market) and a cloud penetration of only c. 5%, the
Spanish market for Cloud PBX is forecast to grow rapidly in the
future.
Gamma believes that it can bring its deep expertise and
commercial strength to both support and help accelerate
VozTelecom's growth in the emerging Cloud PBX market in Spain.
VozTelecom has also recently acquired ComyMedia (an IT and
communications provider targeting the Enterprise sector) in July
2019 and Nethits (a provider of facility services for call centres
and also business communications to SMEs) in December 2019.
VozTelecom's most recent trading update including unaudited
results for the financial year ended 31 December 2019 can be found
here:
https://www.bolsasymercados.es/mab/documentos/HechosRelev/2020/02/05156_HRelev_20200218_2.pdf
The VozTelecom financial results have been prepared in
accordance with the Codigo de Comercio and the Plan General de
Contabilidad.
As set out in the VozTelecom trading update, the unaudited 2019
pro forma group Turnover, including an annualised contribution from
both ComyMedia and Nethits, was EUR15.6million (GBP13.0million) and
EBITDA on the same proforma basis was EUR2.5 million (GBP2.1
million).
Given the size of the VozTelecom business, the acquisition does
not constitute a substantial transaction for Gamma in accordance
with the AIM Rules for Companies.
Gamma Communications plc Tel: +44 (0) 333 006 5972
Andrew Taylor, Chief Executive
Officer
Andrew Belshaw, Chief Financial
Officer
Tulchan Communications LLP Tel: +44 (0) 207 353 4200
James Macey White / Matt Low
Investec Bank plc (NOMAD & Tel: +44 (0) 207 597 5970
Broker)
Patrick Robb / Virginia Bull
/ Sebastian Lawrence
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
OFFFLFFTFEITLII
(END) Dow Jones Newswires
February 18, 2020 13:29 ET (18:29 GMT)
Gamma Communications (LSE:GAMA)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Gamma Communications (LSE:GAMA)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024