JTC, a financial services firm listed in London, has turned down two initial takeover proposals from British private equity firm Permira.

JTC confirmed that it had rejected an initial offer from Permira on 20 August, followed by a second proposal on 22 August.

The company did not provide specific reasons for its decision.

Although the exact value of the proposals was not disclosed, a report from Bloomberg, citing sources familiar with the situation, indicated that the offers would have valued JTC at approximately £2bn ($2.7bn).

Both companies opted not to comment on the proposed deal’s valuation.

JTC, which offers fund administration, corporate, and private client services worldwide, had a market valuation of £1.69bn, according to calculations by Reuters.

The Jersey-based firm reported first-quarter results in late July and expressed confidence in achieving its target of doubling revenue and profits by 2027, a year ahead of its original schedule.

In September 2024, JTC announced the acquisition of Citi Trust, a global fiduciary and trust administration services business.

This acquisition is said to strengthen its position as an independent provider of global trust services.

Permira has been expanding through acquisitions, including a recent £20m purchase of Kleinwort Hambros Trust, which provides estate planning services to affluent families.

The company previously invested in Alter Domus, a Luxembourg-based fund administration provider, in 2017. Last year, Permira sold about half of its stake in the company to rival private equity firm Cinven.