British private equity firm Permira has successfully secured the acquisition of London-listed financial services company JTC Group in a deal valued at £2.3 billion ($3.09 billion), ending months of competitive bidding and negotiations that drew interest from some of the world’s largest private equity firms.
Under the terms of the agreement announced on Monday, JTC shareholders will receive 1,340 pence per share in cash, representing a 49.8% premium to the stock’s closing price on August 13, the day before Permira made its first approach. The deal marks the fourth proposal from Permira, which JTC’s board has now accepted after rejecting multiple earlier offers, as well as rival bids from Warburg Pincus and exploratory talks with Advent International.
Jersey-based JTC, which provides fund administration, corporate, and private client services across 30 jurisdictions, has become the latest in a wave of UK-listed firms targeted by deep-pocketed private equity investors. Many overseas investors have been drawn to London’s equity market, where share valuations remain significantly discounted compared to U.S. and European peers.
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Analysts say that these takeovers reflect the ongoing trend of foreign buyouts of undervalued British assets, following a string of similar moves in 2024 and 2025. The combination of a weaker pound, subdued investor sentiment, and lingering post-Brexit market uncertainty has made UK-listed companies prime acquisition targets.
JTC’s shares have soared by nearly 39% since the company first disclosed takeover talks with Permira on August 29. The firm’s confirmation that it had entered discussions with the private equity group helped boost investor optimism, as market watchers speculated that a bidding war could further lift valuations.
The Financial Times was the first to report details of the Permira deal on Sunday, a day before the official announcement. According to people familiar with the matter, the final price was the result of weeks of back-and-forth negotiations, during which JTC’s board sought to maximize shareholder value amid multiple competing offers.
Before agreeing to Permira’s latest offer, JTC had rejected two proposals from Warburg Pincus in early September and three earlier ones from Permira in August, without giving specific reasons for its refusals. At the time, the company said it was “carefully evaluating” each approach to ensure it aligned with its long-term strategic priorities and stakeholder interests.
Permira, which manages more than €80 billion ($87 billion) in assets, has built a track record of investing in high-growth companies in the financial services, technology, and consumer sectors. The private equity firm’s portfolio includes stakes in Klarna, Hugo Boss, and Genesys, and it has recently intensified its push into business services and professional administration firms.
A source close to the deal said the JTC acquisition fits Permira’s focus on “high-quality, cash-generative businesses with scalable global operations.” For JTC, private ownership under Permira is expected to accelerate its international expansion and technology investment, particularly in fund administration software and digital corporate services.
Meanwhile, Advent International, which had been exploring its own possible bid for JTC, reportedly suspended its due diligence efforts in September, allowing Permira to consolidate its position as the lead contender.
The deal adds to the growing list of UK companies taken private by global investors, underscoring concerns among policymakers and analysts that London’s capital markets are losing competitiveness. In recent years, firms such as Darktrace, Dechra Pharmaceuticals, and John Wood Group have also been acquired by private equity groups, often after long negotiations over valuation.
Completion of the transaction remains subject to shareholder approval and regulatory clearance, though given the offer premium and the company’s rising share price, analysts expect little resistance from investors.
If finalized, the acquisition will mark one of the largest UK financial services takeovers of 2025 — and another sign of how foreign private equity capital continues to reshape the British corporate landscape, one undervalued stock at a time.