Global agrees £375m GCap deal
Global Radio has agreed to buy GCap Media in a deal worth approximately £375 million.
The deal means GCap shareholders will receive 225 pence in cash for each share.
Global is paying an 86 per cent premium on the 121 pence price of GCap shares on 4 January, the day before Global originally announced it had made an approach to the board of the Fru Hazlitt-fronted radio group.
Charles Allen, chairman of Global Radio, said: “We are delighted that the board of GCap has unanimously agreed to recommend our acquisition of GCap. We believe that this is a very strong business with brands and assets that are highly complementary to those of the Global Radio group.
“We are excited by the opportunity to build on GCap's position as the leading commercial radio player and are committed to providing the best platform for both our advertisers and listeners.”
The deal means Global will add stations including Classic FM and Capital 95.8 to the stations it has already owns which includes Heart 106.2.
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