Jersey-based fund administrator JTC has agreed to a £2.7 billion sale to private equity group Permira.
The board of the Esplanade-headquartered, UK-listed business has recommended a cash acquisition by Permira which values JTC Group at £13.40 a share, or £2.7bn with debt.
JTC was founded in 1987 as Jersey Trust Company and has been publicly traded since 2018.
It offers administrative services for investment funds across assets such as private equity, real estate and credit. Although listed, all employees are also owners in the business.
Permira were in a bidding war with Warburg Pincus, which had sent JTC shares up by more than 30% this year.
The Financial Times reported on Monday that both Warburg and Permira had made equivalent offers at the end of last week, before Permira further increased its offer on Sunday.
Commenting on the acquisition, JTC CEO Nigel Le Quesne said: “Today’s announcement marks a recognition of the quality and value of the business that we have all built over the last 37 years.
“I am exceptionally proud of the achievements of the entire JTC team. Through the power of shared ownership, we are now over 2,300 people providing above-and-beyond service to more than 14,000 clients in over 100 countries.
“The years since our initial public offering in 2018 have been a period of transformative growth, welcoming new colleagues and significantly expanding both our service offering and global reach.
“This has been achieved through a combination of entrepreneurial organic growth and our disciplined and highly informed approach to acquisitions in a sector that continues to consolidate at pace.”
He added: “Our commitment to shared ownership for all our people underpins everything we do and aligns the interests of all of our stakeholders.
“It is a strategic differentiator for us and our clients, allowing us to attract and retain some of the highest-quality talent in the industry and provide consistent service excellence.
“We have always sought to do what is best for the company at any given time and take action that will make JTC an even better business for future generations of employee-owners.
“This next chapter in the JTC journey will reflect that and by partnering with the top-class team at Permira, we will have access to the knowledge, expertise and financial firepower to fully capture the exciting growth opportunities we see for the business, including further mergers and acquisitions and operational transformation through investment in AI.”