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BRIEF-Connect Group sells education business to RM for 56.5 mln in cash
February 7, 2017 / 7:59 AM / 7 months ago

BRIEF-Connect Group sells education business to RM for 56.5 mln in cash

Feb 7 (Reuters) - Connect Group Plc :

* Says disposal of education & care division to RM Plc for 64.4 mln stg enterprise value

* Says signed an agreement with RM Plc to dispose of its education & care division for a cash consideration of 56.5 mln stg on a cash free, debt free basis

* Says RM will also assume responsibility for defined benefit pension schemes within education & care

* Says defined benefit pension schemes within education & care at Aug. 31 2016 had a balance sheet deficit of 7.9 mln stg

* Says net cash proceeds of disposal will reduce group borrowings and provide greater flexibility to pursue growth opportunities Source text for Eikon: Further company coverage: (Bengaluru Newsroom)

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