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(Alliance News) - Gamma Communications PLC on Tuesday said its subsidiary Gamma Communications Europe BV has offered to buy VozTelecom Oigaa360 SA.
The Newbury, UK-based communications services provider said the offer values VozTelecom - which is trading on the Mercado Alternativo Bursatil in Spain - at about EUR25.3 million on a fully diluted basis.
VozTelecom's net debt as at December 31 was EUR5.2 million, which would imply an enterprise value of EUR30.5 million.
AIM-listed Gamma said it will finance the acquisition through its existing cash resources, which at as the end of 2019 stood at GBP53.8 million.
VozTelecom is cloud PBX provider in Spain. As part of its European expansion strategy, Gamma said it has identified Spain as one of its key target geographies. Gamma believes that it can bring its expertise and commercial strength to both support and help accelerate VozTelecom's growth in the cloud PBX market in Spain.
In 2019, VozTelecom's turnover was EUR15.6 million and earnings before interest, taxes, depreciation and amortisation was EUR2.5 million.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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