The auction for Gamma Communications has ended: Waterland will not make an offer for the UK business communications solutions provider. This places the cash offer recommended by Gamma by private equity investor Epiris back in the spotlight. Shareholders are due to decide on the transaction on October 20.

Waterland Private Equity Investment B.V. formally stated on October 1, 2026 that it will not make an acquisition offer for Gamma Communications. The statement falls under Rule 2.8 of the UK Takeover Code. It is more than an informal withdrawal from ongoing talks: Waterland and the persons acting in concert with him are fundamentally prohibited from making an offer again – unless the UK Takeover Panel permits an exception. Waterland has, however, explicitly named possible exceptions. A renewed move would be conceivable, for example, if the Epiris offer fails or is withdrawn and the Gamma board supports a third party announcing a firm offer, Gamma announces a reverse takeover transaction, or the Takeover Panel establishes a material change in circumstances. Practically, this pushes back a very high barrier against a short-term new Waterland offer, although not an absolute one.

Waterland had initially been in talks about a possible offer in August. In mid-September, the cooperation with the UK IT and cloud distributor Giacom ended; Waterland stated that it was still considering an independent approach. However, no binding offer under Rule 2.7 was made. The originally possible auction between Epiris and Waterland therefore does not take place. Assuming the necessary approvals and permits are granted, the takeover is to be completed in the first half of 2027.