The UK government has now backed the plan, clearing the way for JT, which is working with Jersey-based CVC Capital Partners, to acquire the Isle of Man’s main telecommunications company, which is owned by investment firm Basalt Infrastructure Partners.
JT Group, which is owned by the Jersey taxpayer and has operated in Guernsey for more than 20 years, will run Manx Telecom and have a 45% stake in the business, with CVC owning the other 55%.
The deal will almost double the size of JT, which currently has around 500 staff. Manx Telecom has about 400.
The company announced the deal last October, describing it as ‘a bold step towards shaping the future of connectivity across the Crown Dependencies’ and allowing its investment in technology to enable it to compete on a global stage.
You need to be logged in to comment.