JTC to be acquired by Permira in PS2.7 billion deal
JTC PLC on Monday said it has agreed to a £2.7 billion all-cash takeover by Permira Advisers LLP.
The Jersey-based professional services company JTC said the takeover valued the company at 1,340 pence per share for a total of £2.3 billion and an enterprise value of £2.7 billion.
JTC will be acquired by Papilio Bidco Ltd, an acquisition vehicle indirectly wholly-owned by funds advised by Permira, a London-based private equity firm.
The acquisition comes after months of competing interest from Permira and US rival Warburg Pincus. Permira upped its offer on Sunday after it had proposed the same offer price per JTC share as Warburg.
JTC said shareholders with a combined 7.3% stake have committed to approve Permira’s offer.
Permira will invest in the acquisition largely through Permira VIII, its latest flagship buyout fund with a fund size of approximately €16.7 billion.
JTC said: ‘As a global investment firm, with a strong UK heritage, long-standing US presence and network, and significant sector experience, Permira is ideally positioned to support JTC in its next phase of growth.’
‘Drawing on over four decades of thematic investment expertise in Services businesses, JTC believes Permira is uniquely placed to help deliver its long-term aspirations,’ the company added.
Shares in JTC fell 4.6% to 1,296.00p on Monday morning in London.
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