Waterland Private Equity has emerged as the latest bidder for Gamma Communications, the London-listed business telecoms group. Gamma confirmed on Friday that the Netherlands-based buyout firm is among the parties weighing a possible offer for its entire issued share capital.

Under the proposal, cloud and communications distributor Giacom is acting in concert with Waterland and would acquire certain Gamma divisions, pointing to a break-up of the company. The discussions are at a preliminary stage, and Gamma said other potential bidders remain in the frame.

Under the UK Takeover Code, Waterland has until 5pm on 18 September 2026 to announce a firm intention to make an offer or step away, the "put up or shut up" deadline that now shapes the process. This deadline creates urgency for all parties involved as the reopened takeover battle for the cloud communications specialist intensifies.