Alkhaleej Training and Education Co. signed, on Aug. 6, a non-binding memorandum of understanding (MoU) with Alkhabeer Capital to acquire a portfolio of educational companies owned by private funds, managed by Alkhabeer Capital.
The MoU will define the framework of understanding of the primary mutual obligations and rights between the two parties, regarding the acquisition of seven schools in Riyadh, Jeddah, Yanbu and Al Khobar, with a total number of students exceeding 11,600 (boys and girls).
Both parties agreed that upon reaching a final agreement, the acquisition value will be paid by Alkhaleej in cash, and through a share swap.
The final value of the deal will be determined following the completion of the due diligence, the company said in a bourse statement.
The MoU will be effective from its signing date for a period of 90 days, and is renewable with the consent of both parties.
No related parties are involved, the statement noted, adding that the financial impact will be determined after the completion of the final evaluation.
Any material developments regarding the MoU or the proposed acquisition will be announced in due course.
Alkhaleej Training appointed Al Wasatah Al Maliah (Wasatah Capital) as financial advisor for the deal.
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