A roster of major firms are advising as London-based private equity firm Permira agrees a £2.3 billion deal to buy FTSE 250-listed fund administrator JTC.
Clifford Chance, Sidley Austin, Linklaters and White & Case are all involved.
Clifford Chance and Sidley Austin are leading on private equity firm Permira’s £2.3 billion acquisition of FTSE 250-listed JTC, the Jersey-based fund administration company. The deal ranks among the largest UK take-private deals this year.
The Canada Pension Plan Investment Board (CPP Investments) is backing the buyout alongside Permira. Under the terms of the offer, JTC shareholders will receive 1,340 pence per share in cash - a nearly 50% premium to the closing price on 13 August.
JTC administers funds and corporate services for private equity, real estate and venture capital companies. It listed on the London Stock Exchange in 2018.
Bigger picture
The deal underscores continued private equity interest in UK-listed companies as investors look to capitalise on perceived undervaluation amid slow public markets.
It also marks a notable win for London-based Permira, which outpaced rival bids from US buyout firm Warburg Pincus in a reversal of the recent flow of UK-listed targets to American buyers.
Advising
Clifford Chance is acting for Permira. The core team includes partner Bruce Embley, who joined CC in a high-profile move from Skadden earlier this year, London private capital head Spencer Baylin, and partners Steven Fox and James Bole.
Sidley Austin is advising Permira on the financing, with a team led by leveraged finance partners Jay Sadanandan and Ben Wright. Both jumped to Sidley from Latham a year ago as part of the firm’s major finance-focused raid on its US rival.
Linklaters is advising CPP.
White & Case is acting for JTC, with a team led by partners Ferdinand Mason, Patrick Sarch, Alex Woodfield and Sonica Tolani.
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