Bedell Cristin has advised JT Group, the Jersey based global telecommunications firm, on an agreed sale of a majority stake in its Internet of Things (IoT) division to Perwyn, a family backed, international private and growth equity investor.
Founded by JT in 2014, JT's IoT business is a global supplier of connectivity to c.10 million IoT-enabled devices worldwide. Via more than 500 roaming agreements, JT IoT provides seamless multi-country, multi-network connectivity, enabling dozens of different IoT use cases across the globe. Its proprietary Nomad platform has established itself as one of the most secure and advanced IoT connectivity management solutions, allowing customers to monitor, control and orchestrate large SIM estates in real time.
Bedell Cristin Partners Martin Paul, David Cadin and Guy Westmacott led teams advising on multiple aspects of the deal including corporate, commercial, regulatory, employment and pensions. Team members included Edward Drummond, Nancy Chien, Stephen Ferguson, Sonia Msinns, Carly Parrott, Elizabeth Shaw, Emily Nieuwburg, Natasha Bairstow, Lydia Carter and Heather Watters. Bedell Cristin worked alongside JT's in-house legal team and its English law advisors, Latham & Watkins, as well as acting as lead counsel to the JT IoT management team.
Guy Westmacott commented:
"This is a huge achievement for JT and Jersey and we were delighted to work on such an important and exciting deal. JT's success with its IoT business demonstrates the considerable potential of Jersey's digital sector, which Bedell Cristin is well positioned to support."
Martin Paul commented:
"The IoT management team have achieved great success with the business so far, and have ambitious plans for the future. It has been a pleasure providing legal support to them at this vital point for the business."