BRC Group to Acquire Sangoma Technologies for $204 Million

BRC Group Holdings, Inc. (RILY) entered into a merger agreement on September 28, 2026, to acquire Sangoma Technologies Corporation (SANG) in a deal valued at $204 million.

Deal Structure:

Sangoma shareholders will receive $4.925 in cash and 0.04767 of a BRC share for each Sangoma share held.

This values Sangoma at $5.19 per share, representing a 44.48% premium from the stock’s last close.

In the aggregate, Sangoma shareholders will receive roughly $170 million in cash and approximately $10 million in shares of BRC.

Company Profile:

Sangoma Technologies is a provider of business communications solutions, offering cloud, hybrid, and on-premises unified communications, contact center, communications platform, and connectivity services. Its portfolio includes communications software, SIP trunking, managed services, and related hardware for businesses, service providers, and enterprises.

BRC Group, formerly known as B. Riley Financial, is a diversified holding company with businesses in financial services, communications, and consumer products. Its financial services operations include investment banking, brokerage, wealth management, asset management, and advisory services, while its communications businesses provide voice, internet, data, security, and email services.

Deal Details and Timeline:

After the deal closes, existing Sangoma shareholders will own about 4% of BRC’s outstanding shares.

The deal is expected to be partially funded through an amended and restated $215 million senior secured term loan facility at BRC’s communications platform, along with an equity contribution from BRC. The facility will also be used to refinance the existing debt of BRC’s communications businesses. Banc of California is serving as sole lead arranger, bookrunner, and administrative agent, with Axos Bank and Israel Discount Bank of New York serving as lenders.

The merger is expected to close no later than early 2027.

ATB Cormark Capital Markets served as financial advisor to Sangoma, while Goodmans and Norton Rose Fulbright provided legal counsel. BRC received legal advice from Blake, Cassels & Graydon, Choate, Hall & Stewart, Klein Law Group, and The NBD Group.

BRC is paying 3.75 times EBITDA for Sangoma.

Deal Metrics:

For a more comprehensive study of the merger, please visit the Deal Metrics page here:

Deal Metrics for the acquisition of Sangoma Technologies Corporation (SANG) by BRC Group Holdings, Inc. (RILY)

The Deal Metrics page for each merger or acquisition includes:

• A history chart of the merger spread from announcement to completion or failure.
• Progress updates on the merger including HSR period expiration, regulatory approvals, shareholder votes, etc.
• News and SEC filings related to the merger.
• A timeline of deal updates.
• And a wealth of other information.

Disclaimer: We strongly suggest performing your own due diligence prior to purchasing or selling any securities mentioned in this article. We do not guarantee the absolute accuracy or completeness of the data or content provided in this article.

Editor’s Note: Baranjot Kaur contributed to this article