The Dutch private equity firm said it does not intend to bid for the U.K. telecom provider, leaving Epiris' 1,120-pence-a-share deal on track for Oct. 20 meetings.
Private Markets · FinancialMarkets.com · October 2, 2026 · Tickers: GAMA.L
The contest for Gamma Communications has one bidder left.
Waterland Private Equity said on Oct. 1 that it does not intend to make an offer for the U.K. business telecommunications provider. That clears the way for the agreed offer from Epiris, made through its Bradbury Bidco vehicle, at 1,120 pence a share. The offer values Gamma's equity at about £1.02 billion and implies an enterprise value of about £1.08 billion.
Shareholder meetings to approve the deal are scheduled for Oct. 20, and completion is expected in the first half of 2027.
How the process ran
Gamma's offer period began on April 7, and Epiris was identified as a potential bidder in May. Waterland was named as a possible bidder on Aug. 21. On Sept. 29, the Takeover Panel set 5 p.m. on Oct. 13 as Waterland's deadline to make a firm offer or walk away. A statement that a bidder does not intend to make an offer ordinarily bars it, under U.K. takeover rules, from returning for six months, except in specified circumstances.
Gamma shares fell after the statement.
The gap between equity and enterprise value
The roughly £64 million difference between the equity and enterprise values reflects debt and debt-like items, including deferred acquisition payments, in the bidder's valuation bridge. Gamma's net debt was £1.6 million at April 30. For shareholders, the relevant figure is the 1,120 pence.
Oct. 20
The shareholder meetings are the next step. Approval would leave regulatory clearances and completion in the first half of next year. A vote against would reopen the company to approaches, though Waterland would be barred for six months.