Sky News has reported that a company owned by the Jersey Government is putting together a deal to buy Manx Telecom.
The company claims a £500m bid is being backed by private equity firm CVC Capital Partners.
According to Sky, Jersey Telecom’s parent company, supported by CVC’s infrastructure arm CVC DIF, is in advanced talks to acquire the Isle of Man’s main telecoms provider.
Sky said: “A deal could be agreed within a matter of weeks, according to telecoms industry sources.
“CVC DIF’s involvement in the prospective deal comes seven months after JT Group was reported to have held an earlier set of talks aimed at taking control of Manx Telecom.”
Manx Telecom has been owned by Basalt Infrastructure Partners since 2019 while Jersey Telecom, founded in 1888, is fully government-owned.
Sky said a CVC spokesperson declined to comment, while JT Group and Manx Telecom had not yet responded to requests for statement.
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