The announcement came just one hour after the Takeover Panel had granted the companies a further 24 hours to complete a deal first proposed in December, which values GCap at £375m.
Global's four-month pursuit of GCap began with an offer at 190p a share in December, which was rejected by GCap's board. A second offer at 202p in March was also brushed off.
The takeover creates a commercial outfit with nearly half of the UK radio advertising market, combining Global's networks - Heart, Galaxy and LBC - under the same owner as GCap's Classic FM, Capital Radio and Xfm.
Charles Allen, chairman of Global Radio said: "We believe that this is a very strong business with brands and assets that are highly complementary to those of the Global Radio Group. We are excited by the opportunity to build on GCap's position as the leading commercial radio player and are committed to providing the best platform for both our advertisers and listeners."
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