Pension SuperFund-backed Jambo to acquire STM for £36m.

Pension SuperFund-backed Jambo, an acquisition company, agreed to acquire STM, a financial services company, for £36m. "The STM Board is pleased to be recommending Bidco's offer for the Company, which represents a significant premium in cash to the STM share price prior to the commencement of discussion with Bidco and offers certain value for our shareholders, and potential future benefit through the Deferred Consideration Units. Whilst we believe that there are significant growth and value realisation opportunities for STM in the short to medium term, we recognise that there are uncertainties and risks which may impact STM's ability to both optimise growth as a stand-alone quoted entity, and to execute a realisation strategy of certain parts of the business. We acknowledge the additional commercial benefits which could be obtained as part of a larger group such as Pension SuperFund Capital, whose management team has a clear vision to deliver a complete solution to pension savers and members," Nigel Birrell, STM Chair.