Treasury Appoints Consortium to advise on Potential Sale of JT

07 November 2006

Citigroup has been appointed to lead a consortium of specialists who will advise the Treasury and Resources Department on the potential sale of Jersey Telecom.

Investment bank Citigroup was appointed following a rigorous international competitive tender process initiated by the Treasury at the end of August 2006.

Citigroup’s role will be to review and advise on the feasibility of the various strategic options for a sale, and will assist with the preparation of the Minister’s detailed proposition on the form of sale to be lodged for debate by the States in early 2007. If the States decides to proceed, Citigroup would then manage the sale process in line with the States strategy.

Commenting today, Treasury Minister Senator Terry Le Sueur said: "A sale of this importance should be supported by the best advice available so that we make the right decisions for Jersey. The appointment of this team of expert advisers is the next important step in formulation of proposals for the potential sale of Jersey Telecom. We will use their analysis of the options available to decide on the form of the proposal which I shall take to the States next year. Citigroup and their team will be required to look at every angle, so we achieve the best possible outcome for the States, Jersey Telecom and its employees and the people of Jersey. If States members agree to selling all or part of the company they will do so with the benefit of the best advice available."

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For more information contact Senator Terry Le Sueur, Minister for Treasury and Resources, telephone 863994, or Ian Black, States Treasurer, telephone 440215.