Epiris to pay 1,120p per share for Gamma Communications

The board of British unified-communications provider Gamma Communications agreed on 1 September 2026 to a recommended cash offer of 1,120 pence per share (a 53% premium to the pre-offer-period price) from private equity firm Epiris (via acquisition vehicle Bradbury Bidco), valuing the company at around GBP 1.08 billion. On 22 August 2026 Gamma had already confirmed it was also in talks with Dutch private equity firm Waterland over a rival, higher offer; Waterland must announce a firm offer or walk away by 18 September 2026. Completion of the Epiris offer is expected in H1 2027. Update (11 September 2026): On 11 September 2026 Waterland announced that it is no longer acting in concert with the Giacom Group in relation to a possible acquisition of Gamma; Waterland continues to consider its own interest, with no certainty that an offer will be made. The Takeover Panel will announce separately the deadline by which Waterland must clarify its position (RNS via Investegate, 11 September 2026). Update (1 Oct 2026): Waterland has withdrawn from the bidding race and states that it will not make an offer; Epiris remains the only bidder (Alliance News via AJ Bell, 1 Oct 2026).