Ataa Educational signs acquisition deal to buy 52% in Al Wasat National Schools

Ataa Educational signs acquisition deal to buy 52% in Al Wasat National Schools
The agreement is subject to the approvals of the General Authority for Competition and other regulatory bodies. (AFP file photo)
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Updated 19 January 2021

Ataa Educational signs acquisition deal to buy 52% in Al Wasat National Schools

Ataa Educational signs acquisition deal to buy 52% in Al Wasat National Schools
  • Financial due diligence have been completed by an independent consulting office

Ataa Educational Co. signed a 52 percent acquisition agreement with Al Wasat National Schools for Training and Education Co. (a limited liability firm), in exchange for land presented by Ataa, by transferring of land ownership in favor of Al Wasat National Schools (the subject of acquisition).

The company said in a statement to Tadawul that the procedures of the study of financial due diligence were completed by an independent consulting office.

Ataa expects that the financial impact of the acquisition will appear, starting from the fourth quarter of the current financial year ending on July 31, 2021.

The agreement is subject to the approvals of the General Authority for Competition and other regulatory specialized parties to complete it.

Any relevant updates will be announced in due course, the statement added.

In August last year, Ataa signed a non-binding memorandum of understanding (MoU) with Al Wasat National Schools Company for Training and Education (a limited liability company) to acquire a 52 percent stake in Al Wasat National Schools for Training and Education Company in Riyadh.