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UK-based STM Group agrees to acquire pension biz Carey Administration Holdings

London-based STM Group PLC agreed to acquire Carey Administration Holdings Ltd. and units for a total consideration of up to £400,000, subject to the U.K. Financial Conduct Authority's approval.

Of the total consideration, £100,000 will be paid on the first anniversary of deal completion. Carey Administration Holdings has a 70% stake in self-invested personal pension business Carey Pensions UK LLP and an 80% holding in auto-enrollment unit Carey Corporate Pensions UK Ltd., which is expected to break even in 2019 following completion of the acquisition.

STM Group will use its existing financial resources to finance the deal, for which the regulatory approval process is underway.