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RM PLC said on Monday it agreed to sell its RM Integris and RM Finance Business assets to Key Support Services Ltd for up to £16.0 million.
The Oxfordshire, England-based IT products and services provider said it agreed to sell the assets of its principal trading subsidiary RM Education Ltd for an initial £12.0 million paid in cash upon completion, with a further £4.0 million to be paid in cash subject to conditions such as competition clearance.
Completion of the sale is expected during the first half of 2023, pending shareholder approval.
RM said the net proceeds of the sale would be used to reduce the group’s debt levels and strengthen its balance sheet, in line with its strategy to restructure its technology division and refocus on its core managed services business.
‘This sale allows RM to better focus our resources and efforts within RM Technology to take greater advantage of the market opportunity presented by the growth in larger school groups and the increasing use of technology,’ said Chief Executive Officer Neil Martin.
Shares in RM PLC were up 9.8% to 45.00 pence in London on Monday morning.
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