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Malta regulator clears STM Group unit's acquisition of Harbour Pensions

The Malta Financial Services Authority approved U.K.-based STM Group Plc unit STM Malta Ltd.'s acquisition of Harbour Pensions Ltd.

The takeover is expected to finalize "within the next few working days," subject to the completion of the remaining standard conditions, STM Group said Feb. 16.

The companies agreed the terms of the acquisition in November 2017 but the company did not disclose them for commercial reasons.

STM's Malta business comprises roughly 7,500 members, and the company expects the acquisition to generate recurring annual revenues of more than £800,000 per year.