Connect sells education & care division

Connect Group has signed agreed to sell its education & care division to RM plc for £56.5m on a cash free, debt free basis.

RM will also assume responsibility for the defined benefit pension schemes within education & care which at 31 August had a balance sheet deficit of £7.9m.

Total consideration equates to an enterprise value of £64.4m.

Story provided by StockMarketWire.com