- Communications services provider Gamma Communications said it had acquired an 80% stake in German-based telephony services provider, HFO for €80m.

The deal also included the option for the company to acquire the remaining 20% in two tranches of about 8% in 2021 and 2022. The additional consideration would be in aggregate of between €7.5m and €17.5m and payable in cash.

'Gamma believes that it can use its commercial strength and expertise of developing and selling a market leading cloud PBX solution via the channel to accelerate HFO's growth in the emerging Cloud PBX market in Germany,' the company said.

Story provided by