Riyadh – Mubasher: Ataa Educational Company has signed a deal worth SAR 138 million to acquire the entire shares of the Arabian Education and Training Group Holding Company.
The acquisition transaction was concluded on 8 August after completing the due diligence procedures through the financial and legal advisors, according to a bourse filing on Monday.
Acquiring the Arabian Education comes in line with Ataa Educational's strategy to expand its business in the educational and training sectors while working on increasing the return on equity for the company's shareholders.
The acquired entity is a Saudi closed joint-stock company with a capital of SAR 200 million, operating in the fields of education, training, and employment.
Ataa Educational expected the financial impact of the acquisition transaction to reflect on the first (current) quarter (Q1) of the fiscal year FY ending on 31 July 2022.
Earlier this month, the listed company signed appendix to its memorandum of understanding (MoU) with the Arabian Education for the acquisition.
