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STM Group unit completes acquisition of Harbour Pensions

STM Group Plc unit STM Malta Ltd. completed its acquisition of Harbour Pensions Ltd. on Feb 20.

The group said it will begin integration immediately, having started some preparations since the deal was announced in November 2017. It is expected to take about six months.

The acquisition, which the Malta Financial Services Authority approved a few days earlier, is expected to cause a moderate improvement in STM Group's earnings during the first full year of ownership, with an annualized profit contribution of about £400,000 thereafter.