The Appleby Jersey team acted for family-backed private equity firm Perwyn in relation to the purchase of the majority stake in Jersey Telecom’s “Internet of Things” business. The sale is believed to be one of the biggest ever deals in the island’s digital section.
Appleby worked seamlessly with their Appleby Global Services (AGS) colleagues to establish the acquisition structure, providing the client with a fully integrated legal and administrative service to assist with all elements of the acquisition. Appleby and AGS worked closely with Eversheds Sutherland LLP, as UK legal counsel to the client throughout the transaction.
The Appleby team was led by Partner, Andrew Weaver, Senior Associates Chris Smedley and Daniel Healy, and assisted by Associate Stephen Parnell.
The target business was created in 2014 as part of JT’s international expansion, and has significantly grown year-on-year in recent times. The business provides connectivity services to customers around the world, with almost 10 million JT SIMs in active use today.
The sale from publicly owned JT has been welcomed as a significant boost to the Jersey government. Jersey’s Chief Minister John Le Fondré commented: the deal “will represent the start of an even more exciting time for Jersey’s digital sector”.
Andrew Weaver observed “This is a significant transaction reflecting well on the development of the digital sector in Jersey, to which Appleby have contributed as legal adviser to a number of innovative and entrepreneurial local growth businesses, whether it is at start-up phase, subsequent fund raising or sales and acquisitions. We look forward to working with the Perwyn and JT IOT team as they take this venture forward.”
Appleby’s Merger and Acquisitions (M&A) team is well-positioned to advise clients on a wide range of M&A activities in the offshore region. Its unique jurisdictional reach means that Appleby is able to advise clients on complex, cross-border transactions involving the offshore jurisdictions that are most often encountered. The team regularly work with FTSE 100 and Fortune 500 companies around the globe and those with financial interests in them, to help them deploy strategic growth and restructuring initiatives, whether involving single jurisdictions or complex multi-jurisdictional, multi-disciplinary transactions.
Appleby Global Services (AGS) provides a range of administration, reporting and fiduciary services primarily focused on corporate structures. The dedicated team of experienced professionals work closely with Appleby’s legal specialists to provide clients with an integrated legal and corporate administration offering.