Permira has agreed to acquire London-listed fund administration and corporate services group JTC Plc for £2.3bn ($3bn), marking one of the UK’s largest take-private deals of 2025.

The private equity firm, supported by the Canada Pension Plan Investment Board (CPPIB), will pay 1,340 pence per share in cash, representing a 37% premium to JTC’s last unaffected closing price on 28 August. The board of JTC has unanimously recommended the offer to shareholders.

Rival bids from Warburg Pincus were outpaced by the Permira-led consortium, which said the deal reflects confidence in JTC’s growth prospects and the increasing demand for outsourced fund and corporate services globally.

JTC, headquartered in Jersey, administers funds and corporate structures for clients across private equity, real estate, and venture capital. The company operates 38 offices worldwide and employs about 2,300 people. In July, it completed the acquisition of Citigroup’s global fiduciary and trust administration business, Citi Trust.

“JTC will be able to leverage new financial flexibility to compete successfully with other privately-held acquirers in the accelerating consolidation of the industry,” said Non-Executive Chairman Mike Liston.

The company noted that operating as a private business would enable faster growth and allow greater investment in technology and artificial intelligence.

Permira’s investment builds on its long-standing presence in the fund administration space. The firm previously backed Luxembourg-based Alter Domus, helping it become one of the largest independent administrators globally before selling part of its stake to Cinven in 2024.

The JTC deal underscores renewed private equity interest in undervalued UK-listed companies, following similar transactions such as KKR’s £4.2bn acquisition of Spectris earlier this year.

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