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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)