Sidley Advises on the Financing of Permira’s £2.3 Billion Recommended Cash Offer for JTC plc

Sidley advised Permira, a leading global private equity firm, on the financing aspects of its recommended cash offer for the acquisition of JTC plc, an FTSE 250-listed provider of fund administration, corporate, and trust services.

Under the terms of the agreement, a newly formed Bidco, backed by funds advised by Permira, will acquire the entire issued and to-be-issued share capital of JTC. The acquisition, expected to be implemented by way of a court-sanctioned scheme of arrangement under Jersey law, values the entire issued and to-be-issued ordinary share capital of JTC at approximately £2.3 billion on a fully diluted basis and implies an enterprise value of approximately £2.7 billion.

The cross-practice, cross-jurisdictional Sidley team was led by partners Jay Sadanandan and Ben Wright, supported by Lewis Atherton, Natalie Ong, Rhea Misra, Kristen Smith, and Mimi Mallory (Global Finance); and Steve Quinn, Fraser Tudor, Zuza Savoff, and Andy Lau (Tax).