June 24, 2021
Latham & Watkins advised Jersey Telecom
(JT) on the sale of its Internet of Things (IoT) division to Perwyn Private
Equity. The sale follows detailed discussions with the Government of Jersey as
its sole shareholder, 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 Latham team was 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.