JT is to sell a majority stake in its Internet of Things (IoT) division to private equity investor Perwyn.
The division, created in 2014, provides device connectivity services to customers around the world, and has doubled in size every year for the past three years.
According to JT, the sale has been timed to maximise the potential of the IoT business through a new owner that specialises in providing risk capital to growing technology businesses.
JT will continue to supply services to the new company and retain a minority stake in it.
JT Chairman Phil Male (pictured) commented: “This sale not only shows the vast potential and value of Jersey’s digital sector, but also demonstrates that within Jersey we have the talent and funding to enable and build globally successful digital businesses.
"Now is the right time for JT to sell the majority of this business. Whilst retaining a minority stake and becoming a supplier to Jersey’s biggest technology business, we believe that in Perwyn we have a new owner for the business with the vision and risk appetite to fund and grow this dynamic global Jersey business.”
The new business will remain headquartered in Jersey. JT was advised on the deal by Arma Partners.
Appleby's Jersey team acted for Perwyn to establish the acquisition structure, led by Partner Andrew Weaver.