STM Group, the cross border financial services provider, has entered into an agreement to acquire the portfolio, net assets and trustee companies of the SIPP and SSAS businesses, from Mercer Ltd, for a fixed consideration of £3.34m. Completion is planned for 31 August 2022, STM said in a statement.
The acquisition will be funded from existing financial resources and the remaining available debt facility previously arranged with the group’s bank.
STM Group plc (LON:STM) is a multi-jurisdictional financial services group listed on the Alternative Investment Market of the London Stock Exchange. The Group was formed as a strategic investment company specifically to build a leading financial services group originally operating in the international corporate and trustee service provider (CTSPs) sector.