February 7, 2017 / 8:21 AM / 6 months ago

Connect Group to sell education & care business to RM for $70 mln

1 Min Read

Feb 7 (Reuters) - Connect Group Plc, a newspaper distributor and parcel delivery company, said it would sell its education and care business to RM Plc for about 56.5 million pounds ($70.3 million) in cash.

Connect Group, which also delivers books and stationery to schools, said RM would assume responsibility for the defined benefit pension schemes within the business, which had a balance sheet deficit of 7.9 million pounds at Aug. 31, 2016.

The group will continue to focus on growth opportunities within News & Media and Parcel Freight businesses, it said in a statement. ($1 = 0.8041 pounds) (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Gopakumar Warrier)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below