Shares of JTC (LSE:JTC) jumped 15% on Friday after private equity firm Permira approached the corporate services company with a potential takeover bid. Sources cited by Bloomberg indicated that the offer values JTC at approximately £2 billion.
The U.K. Takeover Panel confirmed that the offer period for JTC began at 11:39 a.m. local time on August 29, with Permira Advisers LLP named as the prospective bidder. By takeover rules, Permira must either announce a firm intention to proceed or withdraw the offer by 5 p.m. on September 26.
Headquartered in Jersey, JTC was founded in 1987 as Jersey Trust Company and has expanded through acquisitions, including Merrill Lynch’s international trust and wealth structuring business in 2017. The company went public on the London Stock Exchange in 2018 and is currently part of the FTSE 250 Index.
JTC offers fund administration, corporate services, and private client solutions to asset managers, multinational companies, and high-net-worth individuals. In its last full fiscal year, the company posted revenue of £305.4 million, an operating income of £18.9 million, and a net loss of £7.3 million.
Permira, founded in London in 1985, manages funds with around €80 billion in committed capital and specializes in technology, consumer, healthcare, and services investments. The firm has supported over 300 companies worldwide and recently completed notable transactions, including the take-private deals for McAfee and Squarespace.
This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.
Leave a Reply