Manx Telecom takeover talks continue, with £500m figure floated by private investors

Acquisition reportedly under discussion with investment backing from CVC Capital

The Isle of Man’s largest telecoms provider could be sold to a Jersey government-owned company, with support from private investors, it’s being reported.

Sky News reports that Manx Telecom – the Island’s primary network operator – is the subject of a proposed acquisition by JT Group, the parent company of Jersey Telecom, which is owned by the States of Jersey.

The deal is believed to be worth around £500 million and is said to involve backing from CVC Capital, a Jersey-based private equity firm managing an estimated £300 billion portfolio globally.

In November, Manx Radio reported that Manx Telecom had begun accepting bids as part of a potential takeover process.

At the time, JT Group declined to comment in detail but confirmed that “background discussions” were taking place.

Manx Telecom continues to decline to comment, stating it does not respond to “speculative or unverified” information.

JT Group has been contacted again for further comment.