Appleby, working alongside Eversheds Sutherland LLP, 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. Latham & Watkins advised Jersey Telecom.
Perwyn acquired a majority stake in JT’s Internet of Things (IoT) division.
The business, which has doubled in size every year for the last three years, provides device connectivity services to customers around the world, with almost 10 million JT SIMs in active use today. It was created in 2014, as part of JT’s international expansion drive, and the acquisition has been timed to maximise the growth potential of the business. The business will remain headquartered in Jersey and JT will retain a minority stake.
Perwyn is a family backed, international private and growth equity investor.
From its origins in Jersey in 1888, JT is an innovative global telecommunications firm, employing more than 600 people in 7 global locations.
The Appleby team was led by Partner, Andrew Weaver (Picture), Senior Associates Chris Smedley and Daniel Healy, and assisted by Associate Stephen Parnell.
Latham & Watkins advised Jersey Telecom with a team led by London corporate partner Mike Turner, with associates Jon Fox and Zoe Liu. Additional advice was provided by partner Christian McDermott and associate Oliver Mobasser.
Involved fees earner: Daniel Healy – Appleby; Stephen Parnell – Appleby; Chris Smedley – Appleby; Andrew Weaver – Appleby; Jon Fox – Latham & Watkins; Zoe Liu – Latham & Watkins; Christian McDermott – Latham & Watkins; Oliver Mobasser – Latham & Watkins; Mike Turner – Latham & Watkins;