JT Group and CVC DIF have signed an agreement to buy Manx Telecom Group in the Isle of Man.
The company has been bought for £500 million.
This means JT Group will be the largest full-service telecoms provider across the Crown Dependencies.
CVC DIF is the infrastructure investment arm of private equity giant CVC Capital Partners, and the strategic partnership between it and JT will help to provide further capital and sector 'expertise' to support long-term growth across the board.
CEO of JT Group, Darah McDermott, says the team at Manx Telecom team shares similar values and ambition, making the acquisition a perfect fit.
"[It allows] us to accelerate our plans to secure further scale and growth of IoT and managed service lines of business, whilst continuing to serve
our existing markets, with the same dedication and care that has become our hallmark."
Elaine Millar, Minister for Treasury and Resources for the Government of Jersey, says JT is a strategic national asset that continues to be wholly owned by the States of Jersey.
"This acquisition, in partnership with a world-class infrastructure investor, strengthens JT’s position and growth plans and reinforces our commitment to digital leadership and economic resilience.
"We look forward to seeing this strategic partnership develop and are pleased to see JT’s ambition to secure scale and drive utilisation of the major network investments that it is making."
Manx Telecom Group currently offers fixed line, mobile, fibre broadband and data centre services to its customers.
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