Waterland rules out Gamma offer clearing way for Epiris takeover

Waterland Private Equity Investment BV on Thursday pulled out of the bidding race to buy Gamma Communications PLC.

Netherlands-based private equity firm Waterland was revealed as a possible suitor for London-based cloud communications and voice services provider Gamma in August.

But on Thursday, Waterland said that it does not intend to make an offer for Gamma.

At the beginning of September, Gamma agreed a rival approach from Epiris GP III Ltd funds.

London-based private equity firm Epiris LLP had initially considered a joint offer with Providence Equity Partners LLP, which dropped out in June.

Gamma shareholders, under the terms of Epiris's accepted offer, will be entitled to receive 1,120 pence in cash per share. This values its share capital at about £1.02 billion, with an implied enterprise value of approximately £1.08 billion.

Epiris expects the deal to complete in the first half of 2027.

On Thursday, Gamma traded down 2.6% at 1,095.00p each in London.

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