Oakley Capital, Giacom plan possible $1.3 billion takeover, break-up of Gamma Communications, Sky News reports
Details of the Potential Takeover and Break-up
Background of the Deal
May 15 (Reuters) - Private equity firm Oakley Capital is partnering with IT service provider Giacom for a potential 1 billion pound ($1.34 billion) takeover and break-up of British telecom firm Gamma Communications, Sky News reported on Friday, citing banking sources.
Structure of the Proposed Transaction
One option under discussion would see Oakley Capital buy Gamma and then sell its UK telecom reselling arm to Giacom, which was founded by telecoms veteran Matthew Riley, the report said.
Responses and Verification
Oakley Capital, Giacom and Gamma Communications did not respond to Reuters' requests for comment. Reuters could not immediately verify the report.
Additional Information
($1 = 0.7487 pounds)
(Reporting by Unnamalai L in Bengaluru; Editing by Vijay Kishore)
