Alkhaleej Training and Education Co. inked a non-binding memorandum of understanding (MoU) with Al-Raqi National Schools Co. Ltd (LLC) to acquire a 60% stake in Al-Raqi Private Schools Company Limited in Riyadh, the company said in a bourse statement.
The deal value will be determined upon finalizing the due diligence process.
The MoU, which is renewable, will be effective as of the date of signing and will last for 90 days.
The deal included no related parties, and the relevant financial impact will be determined upon finalizing the final evaluation.
Al Khaleej Training appointed Al-Wasata Capital as a financial advisor for the deal.
Any updates will be duly revealed, the statement added.
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