Source: Channel Islands – Jersey
24 June 2021
Following detailed discussions with the Government as its sole shareholder, JT is to sell a majority stake in its Internet of Things (IoT) division to a family-backed private equity investor, with the new business keeping its headquarters in Jersey.
The IoT division was created in 2014 as part of JT’s international expansion, and has doubled in size every year for the last three years. It provides connectivity services to customers around the world, and there are now almost 10 million JT SIMs in active use.
The sale, to Perwyn, aims to maximise the growth potential of the business by securing investment from a new owner who specialises in rapidly growing technology companies. JT will continue to benefit from this growth by supplying services to the new company and retaining a minority stake in it.
The proceeds of the sale will be shared between JT and the Government of Jersey, with the goal of enabling JT to continue to innovate in the future while also ensuring a profit share with the Government of Jersey. JT will be releasing further details of the transaction shortly.
Chief Minister, Senator John le Fondré, said: “This is very good news for Jersey and demonstrates what can be achieved in our strategic approach to managing arms length organisations and the growing importance of our digital economy. The new business will attract significant inward investment to the Island, and it will also offer new employment opportunities for Islanders.
“Jersey is gaining a global reputation as an incubator of successful digital businesses, and I am determined this represents the start of an even more exciting time for Jersey’s digital sector.”