Gamma Communications plc has completed a €201.6m swoop for German firm SF Technologies Holding GmbH, trading as STARFACE.
Gamma is a leading provider of technology-based communication services across Europe.
The deal is for 100% of the equity of the market leader in business communication and collaboration software solutions tailored to the German market.
Regulatory clearance has been received.
£30m of the deal has been funded through a new revolving credit facility, with the remainder covered by Gamma’s existing cash resources.
After taking account of net cash and working capital, the deal equates to €196m (£164m) on a cash-free, debt-free basis.
“We are delighted to have completed the acquisition of STARFACE,” said Andrew Belshaw, CEO of Gamma.
“This marks the beginning of an exciting new chapter, allowing us to accelerate cloud adoption and innovation across the DACH region.
“We look forward to working closely with our new colleagues, partners, and customers to drive the future of cloud communications across Europe.”