Sangoma Technologies Shares Soar 44% on $204 Million Acquisition by BRC Group

Shares of Sangoma Technologies Corp. (NASDAQ:SANG) surged more than 44% in after-hours trading Monday following the announcement that it will be acquired by BRC Group Holdings (NASDAQ:RILY). The transaction values Sangoma at an enterprise value of approximately $204 million.

Deal Details

Under the terms of the agreement, Sangoma shareholders will receive a combination of cash and stock for each share they hold. The consideration implies a value of $5.225 per Sangoma share, a premium of approximately 47% to the stock's closing price on the TSX as of September 28, 2026.

The specific terms for each Sangoma share are:

• $4.925 in cash
• 0.04767 of a BRC share

In total, Sangoma shareholders will receive an aggregate of $170 million in cash and $10 million in freely tradable BRC shares. Upon the deal's completion, current Sangoma shareholders will own approximately 4% of the pro forma BRC shares outstanding.

Strategic Rationale and Approval

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The acquisition is the result of a comprehensive strategic review that Sangoma announced in May 2026, which was overseen by a special committee of independent directors. Sangoma's board has unanimously approved the transaction and recommends that shareholders vote in favor.

"This transaction represents a compelling outcome for Sangoma and our shareholders, delivering immediate liquidity and certainty of value at a premium price," said Sangoma CEO Charles Salameh in a statement. The board received a fairness opinion from ATB Cormark Capital Markets. Additionally, officers and directors holding approximately 27% of outstanding Sangoma shares have entered into voting support agreements.

Path to Closing

The transaction is not subject to any financing condition but requires approval from at least two-thirds of the votes cast at a special meeting of Sangoma shareholders. It is also subject to customary court and regulatory approvals.

The deal is expected to close no later than early 2027. Once finalized, Sangoma will operate as a part of BRC Telecom, a portfolio of communications businesses backed by BRC.