Independent valuation, debt capacity, and sponsor return workbench assessing the reported revised takeover offer from a Dutch private equity consortium (Sunday Times / Reuters).
Reported Catalyst: Sunday Times confirms Dutch PE sweetening initial indicative approach| Offer Price (£/sh) | Equity Value (£M) | EV (£M) | EV/EBITDA | Sponsor Eq. Check | 15% IRR Exit | 20% IRR Exit | 25% IRR Exit |
|---|
| Target / Deal | Acquirer / Sponsor | EV (£M) | EV/EBITDA | Offer Premium | Structure / Rationale |
|---|---|---|---|---|---|
| Gamma Communications (Current Model) | Dutch PE Consortium | £1,782.6M | 14.61x | +37.32% | Sunday Times reported sweetened cash offer |
| KCOM Group plc | Macquarie European Infrastructure | £627M | 11.8x | +49.0% | Competitive bidding war vs USS pension fund |
| TalkTalk Telecom Group | Toscafund Asset Management | £1,812M | 7.2x | +16.4% | Heavily levered broadband carveout |
| Inmarsat plc | Apax, Warburg Pincus, CPPIB | £4,600M | 10.5x | +45.0% | Satellite telecom take-private consortium |
| Euromoney Institutional | Astorg & Epiris | £1,660M | 16.5x | +34.0% | Fast-growing subscription B2B recurring SaaS |
Using source assumption ninety-seven point eight million shares and entered bid nineteen point fifty, implied equity value is nineteen hundred seven point one million pounds. Subtracting entered net cash one hundred twenty-four point five gives enterprise value seventeen hundred eighty-two point six million. Bars use point two five pixels per million pounds. These are hypothetical source inputs, not verified company data or current transaction information. The source multiplies entered leverage four point five by entered EBITDA one hundred twenty-two, assigning debt five hundred forty-nine million pounds. Its sponsor equity equation subtracts that debt from implied equity nineteen hundred seven point one, leaving thirteen hundred fifty-eight point one. Bars use point three five pixels per million. This describes the code convention, not a financed deal or investment recommendation. The model required five-year exit equity equals sponsor equity times one plus entered annual rate to power five. At twenty percent, thirteen hundred fifty-eight point one multiplies by one point two five times. Bars compare starting and required exit equity at point one five pixels per million pounds. This is a target calculation, not an expected or guaranteed return. Full raw native export, real reset, responsive allocation and first-footer checks preserve the existing tool.