London-listed financial services firm JTC has agreed to a £2.3bn ($3.1bn) buyout offer from Permira, marking a success for the private equity firm after multiple rounds of proposals, according to a report by the Financial Times.
Under the terms of the deal, JTC shareholders will receive 1,340 pence per share in cash, representing a nearly 50% premium to the company’s share price on August 13 — the day before Permira’s first approach.
The agreement, which remains subject to shareholder and regulatory approvals, follows months of takeover interest in the Jersey-based fund, corporate and private client services provider, which had previously rebuffed bids from both Warburg Pincus and Permira earlier in the year. Reports also indicated that Advent International had considered a potential offer but paused work on the transaction in September.
JTC shares have climbed nearly 39% since the company first confirmed takeover discussions with Permira in late August.
