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Investing.com -- JTC (LON:JTC) shares jumped 15% on Friday after private equity firm Permira approached the board of the corporate services provider with a takeover proposal. Bloomberg first reported citing people familiar with the matter that the offer values the company at about £2 billion.
The U.K. Takeover Panel said the offer period for JTC began at 11:39 a.m. local time on August 29, with Permira Advisers LLP identified as the potential bidder.
Under takeover rules, Permira must announce a firm intention to make an offer or withdraw by 5 p.m. on September 26.
JTC, headquartered in Jersey, was founded in 1987 as Jersey Trust Company and has grown through acquisitions including Merrill Lynch’s international trust and wealth structuring business in 2017. It listed on the London Stock Exchange in 2018 and is part of the FTSE 250 Index.
The company provides fund administration, corporate and private client services to asset managers, multinationals and high-net-worth individuals.
It reported revenue of £305.4 million in its last full year, with an operating income of £18.9 million and a net loss of £7.3 million.
Permira, established in London in 1985, advises funds with about €80 billion in committed capital and focuses on technology, consumer, healthcare and services investments.
The firm has backed more than 300 companies globally and has recently executed high-profile deals including the take-privates of McAfee and Squarespace.