Gamma Communications Europe B.V. made an offer to acquire Voztelecom Oigaa360 S.A. (BME:VOZ) from Inveready Venture Finance II, SCR-Pyme, S.A. managed by Inveready Capital Company, S.L., Capital MAB, FCR managed byInstitut Catal? de Finances Capital, SGEIC, S.A. and others for ?19.9 million on February 18, 2020. The cash consideration payable pursuant to the offer will be financed from the Gamma group's existing cash resource. Gamma Communications' offer requires that Voztelecom suspends trading of at least 80% of its shares with final goal being excluding all of its shares from Spain's alternative market. 54.32% of Voztelecom shareholders which are Inveready Capital Company, S.L., Inveready Venture Finance II, SCR-Pyme, S.A., Inveready Venture Finance II, SCR-Pyme, S.A. funds managed by Inveready Asset Management, S.G.E.I.C., S.A., Capital MAB, FCR managed by Institut Catal? de Finances Capital, SGEIC, S.A., Xavier Casajoana Mogas, Gin?s G?mez Mart?ne, Oriol Font Bellart, St?phane Quinnez, Josep Garriga Paituv? have committed to accepting Gamma Communications' offer. The offer is subject to a minimum tender of 3.7 million shares representing 80% of the share capital of Voztelecom. The offer does not constitute an economic concentration that needs to be notified to the Spanish anti-trust authorities. Likewise, the Gamma Communications Europe B.V. has stated that the Offer does not require the authorization of, or notification. As of February 27, 2020, the VozTelecom board decided to support the transaction. The offer will expire on March 30, 2020. As of March 17, 2020, the transaction is expected to complete in April 2020. Patrick Robb, Virginia Bull and Sebastian Lawrence of Investec Bank plc acted as financial advisors for Gamma Communications plc, parent of Gamma Communications Europe B.V. Sergio Garcia Send?n of EBN Banco de Negocios, S.A., Carlos Sanz and Carlos Lopez of Banco Santander, S.A. (BME:SAN) acted as financial advisor while Bird & Bird (International) LLP acted as legal advisor for Gamma Communications in the transaction.