Latham & Watkins advised Jersey Telecom (JT) on the sale of its Internet of Things (IoT) division to Perwyn Private Equity. The sale follows detailed discussions with the Government of Jersey as its sole shareholder, with the new business keeping its headquarters in Jersey.
The IoT division was created in 2014 as part of JT’s international expansion, and has doubled in size every year for the last three years. It provides connectivity services to customers around the world, and there are now almost 10 million JT SIMs in active use.
The sale, to Perwyn, aims to maximise the growth potential of the business by securing investment from a new owner who specialises in rapidly growing technology companies. JT will continue to benefit from this growth by supplying services to the new company and retaining a minority stake in it.
Where the legal industry reads first.
Enjoyed this article? Get the biggest legal industry updates, deals, appointments, insights and expert interviews in your inbox, free.
No spam. Unsubscribe anytime.From Legal Desire
Is your firm the one being cited, or the one being skipped?
We ran the test. On several everyday legal questions, software companies are answering and law firms are not. We help firms fix that, and we build the technology behind the practice.
Lawyers and firms: get featured on Legal Desire
Share your deals, lateral moves, firm news and insights with 1M+ monthly readers: founders, law firm partners, general counsel and practising lawyers across the US, UK, EU and GCC.
Get featuredSubmit a press releaseThe advising firms, the named deal team, the value and the parties, with every other announced deal by the same firms and lawyers. Open the deal record
