Green light from Gamma for £1 billion Epiris offer

By the Editorial Team · Wednesday, September 2, 2026

Gamma Communications has accepted a £1 billion takeover offer from private equity firm Epiris, which would take the telecommunications provider private and pay shareholders a 53 percent premium. The deal, seen as the most straightforward option among multiple bids, could complete next year if shareholder approval is obtained, while other potential buyers remain in the race until mid-September.

Gamma Communications, a FTSE 250 telecommunications services provider, has endorsed a £1 billion cash offer from British private equity firm Epiris, which could lead to its departure from the London stock market. The proposed bid values Gamma at approximately £1.02 billion, representing a 53 percent premium over its share price before takeover interest first surfaced in April.

The Gamma board, led by chairman Andrew Burns, stated that the offer of 1,120 pence per share delivers “attractive and certain value” for shareholders. If shareholders approve, the deal is anticipated to conclude next year.

Other potential bidders remain interested in acquiring Gamma. These include Dutch private equity firm Waterland and Giacom, a telecommunications company led by entrepreneur Matthew Riley and backed by British private equity firm Inflexion. Giacom intends to acquire two of Gamma’s divisions, comprising nearly 30 percent of the company’s revenue last year, contingent on the takeover’s completion. Waterland and Giacom reportedly have until September 18 to submit formal offers or withdraw from the bidding process.

The Gamma board is believed to view the Epiris proposal as more straightforward, with lower execution risk compared to rival offers. Earlier in the process, private equity firms Providence Equity Partners and Oakley Capital had expressed interest but have since withdrawn.

Ian Wood, a partner at Epiris, described the bid as a “compelling and deliverable offer which provides Gamma shareholders with certainty of value.” Gamma’s shares closed at £11.56, up 1.4 percent, following the announcement. This contrasts with their valuation in April, which hit the lowest level since 2018 amid takeover speculation.

Gamma Communications, which provides business communication services, moved from the AIM market to the London Stock Exchange’s main market last year—a change CEO Andrew Belshaw called a “natural evolution.” In its most recent financial year, the company reported revenue of £646 million, an 11 percent increase over the previous year. However, pre-tax profit declined by 8 percent to £87.7 million, primarily due to acquisition and restructuring expenses.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.