GCpa Radio, which owns London's Capital Radio and Classic FM, will be taken over by Global Radio in a cash deal worth a reported £375million.

GCpa Radio, which owns London's Capital Radio and Classic FM, will be taken over by Global Radio in a cash deal worth a reported £375million. The board of GCap, which had initially resisted takeover offers by Global, announced yesterday evening that it recommended Global's offer to their shareholders, an offer which sees the buyer paying 225p per share, an 86% premium on the firm's share price as of the day Global first made the offer.

Global already owns Heart FM, Galaxy and LBC and it remains to be seen if regulator OfCom or the Competition Commission will have any problems with a merger that puts half of the UK
radio advertising marketing into one set of hands, as well as giving one company two of the big commercial stations in London (Capital and Heart) and a considerable dominance in the local radio market in Birmingham.

Global was founded in 2007 when it brought Chrysalis Radio for £170million.