Jersey-based professional services company JTC has agreed to an all-cash takeover by global private equity group Permira Advisers.

Under the terms of the takeover, JTC has been valued at 1,340 pence per share for a total of £2.3bn and an enterprise value of £2.7bn.

JTC will be acquired by Papilio Bidco, an acquisition vehicle indirectly wholly-owned by funds advised by Permira.

The acquisition is due to complete by the third quarter of 2026, subject to regulatory approvals and shareholder consent; the JTC board has said it intends to unanimously recommend the acquisition to JTC shareholders.

The deal follows three months of JTC receiving unsolicited proposals from Permira and Warburg Pincus resulting in the JTC board deciding to engage with both parties and culminating in JTC receiving a sixth, proposal from Permira on 9 November.

While the board said it believes “JTC is well-positioned to make continued progress as an independent company”, it concluded the terms of the acquisition “recognise the value of JTC's business and provides JTC shareholders with an immediate cash realisation”. The board also took into account Permira's intention to continue the employee shared ownership model, which it said is “essential in its recommendation to shareholders”.

Robin Bell-Jones, partner, services, head of London at Permira, said: "We have long admired JTC and its exceptional leadership, which has consistently delivered strong performance, disciplined growth and a clear strategic vision.

"With Permira's global platform, thematic expertise and track record of supporting high-quality businesses in the fund administration, corporate and trust services sector ecosystem, we are well placed to help JTC unlock its full potential.”

Nigel Le Quesne, CEO of JTC, said: “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 M&A and operational transformation through investment in AI."