Recalling back to May 2026, news in the telco space of an Oakley Capital, Giacom and Gamma three way.
Is this good for the wider industry?
Websites have worded Giacom to say they
operate[s] in a closely related space, offering cloud and connectivity services to UK businesses and channel partners, making it a potential strategic consolidator rather than a purely financial buyer.
But from these products what they do own?
Giacom’s portfolio is almost entirely resold if not entirely.
Its mobile offering is resold from VodafoneThree, O2 and EE, plus several European networks (KPN-keyed) for multi-network IoT SIMs.
Its broadband has been offloaded to Wavenet.
Its VoIP is resold from Voiceflex.
Its software comes from vendors such as Microsoft, Acronis and ConnectWise.
Gamma is a very different business. It owns and operates its own well-performing network (AS31655), runs its own MVNO mobile product and operates its own VoIP platform, which carries traffic for some very large providers, including Vonage.
A buyout or merger would be bad news for Gamma’s customers. As a current Gamma customer, I can say they are with a stable provider whose systems and processes are robust and that stability is what’s at risk.
There is also the question of staff. People on both sides are understandably worried about their jobs and working environment. Deals funded this way typically bind the businesses together and then cut whatever is seen as surplus.
Giacom should stick to what they do, instead of disrupting one of the channel’s most established providers, a business that genuinely knows what it’s doing.