Summary
Blackstone has led a £1.5 billion private credit financing to support Permira’s £2.3 billion takeover of JTC Plc, the London-listed fund administration and corporate services group. The deal, announced in November 2025, is one of the largest private credit-backed buyouts in Europe this year and highlights the growing role of alternative lenders in major M&A transactions.
Financing Structure
According to Business-Sale.com, the package comprises £1.1 billion in senior loans, a £250 million delayed-draw term loan, and a £150 million revolving credit facility. The debt is multi-currency, spanning sterling, euros, and dollars, with pricing set at 475 basis points over benchmark rates for sterling and euro tranches, and 450 basis points for the dollar tranche.
Lender Participation
Alongside Blackstone, the syndicate includes CVC Credit, GIC, Oak Hill Advisors, Blue Owl Capital, PSP Investments, and Jefferies. Their participation underscores the increasing reliance on private credit markets as traditional banks scale back exposure to large leveraged buyouts.
Acquisition Details
Permira’s bid values JTC Plc at £2.3 billion in equity and approximately £2.7 billion in enterprise value. Shareholders will receive 1,340 pence per share in cash, representing a 49% premium to JTC’s pre-offer trading price. The acquisition was executed through Papilio Bidco Limited, a Permira-backed entity.
Market Context
The transaction reflects the surging influence of private credit in European dealmaking, with investors increasingly turning to direct lending platforms to finance complex, multi-billion-pound acquisitions. For Permira, the deal strengthens its position in fund administration and corporate services, while JTC shareholders secure a significant premium amid challenging public market conditions.
Sources: Business-Sale.com
