Private equity firm CVC Capital commits £500 million to a takeover attempt of Manx Telecom by the Jersey telecommunications company.
A megabucks deal is brewing: private equity big-timer CVC Capital Partners' investment arm, CVC DIF, could be pumping £500m into the takeover of Manx Telecom by Jersey Telecom's parent company, JT Group.
Sources in the telecoms industry suggest a deal could be sealed within weeks. If it goes through, this merger will unite the communications providers of the Crown Dependencies.
The potential partnership between CVC DIF and JT Group comes seven months after reports of previous talks aimed at snagging Manx Telecom.
Learning about CVC DIF? Picture this: a joint investment vehicle of CVC Capital Partners and DIF Management – a global private equity titan with approximately €202 billion of assets under management, and an independent fund management firm managing around €4.2 billion across several infrastructure funds, respectively. Together, they have a reputation for backing significant investment transactions in the property, infrastructure, healthcare, retail, and tech sectors.
As industry watchers eagerly await the deal's details, a CVC spokesperson has declined to comment. Both JT Group and Manx Telecom have been contacted for comment but have yet to provide one.
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The financial transaction could see CVC DIF, a joint investment vehicle with a significant reputation in various sectors, investing £500m to facilitate the takeover of Manx Telecom by JT Group. The potential deal, worth hundreds of millions, is rumored to be finalized within weeks.
