Pension services and SIPP provider STM has been acquired by Guernsey-based investment vehicle Pension SuperFund Capital in a £39.8m deal that was extended several times since first being announced in July.

SIPP provider STM has reported half year, pre-tax profit down by £400,000 as negotiations over a takeover bid for the group are extended again.

Pension SuperFund Capital has reported an “inadvertent breach” of one of the rules of City Code on Takeovers and Mergers in its announcement on 8 September about its offer for SIPP provider STM Group.

Negotiations over a £41m offer for SIPP and pensions provider STM Group have been extended for a second time.

STM Group, the international SIPP and financial services provider, has seen a £400,000 hit to revenue this year as SIPP business slowed, the firm reported in a trading update today.

STM Group, the financial services and SIPP provider, has added £5m to its takeover war chest to fund further acquisitions.

SIPP and cross-border financial services firm STM has expressed “disappointment” at the Court of Appeal’s decision to allow a challenge to the recent ‘Adams’ case judgment.

Pensions administrations business is behind a growth in recurring revenues at the STM Group and a slight increase in underlying revenue for the first half of 2020, however profits for the group have fallen.

Options Pensions has launched a Sharia SIPP in partnership with Islamic investment group Wahed Invest.

International pensions group STM, which bought troubled SIPP firm Carey Pensions last year, is planning further acquisitions in the SIPP and pensions sector as its focuses on the UK.