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Ataa Educational Co. signed a 52% acquisition agreement with Al Wasat National Schools for Training and Education Co. (LLC), in exchange for an in-kind share, as Ataa will transfer the ownership of a land plot to Al Wasat Schools.
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 competent parties.
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 to acquire a 52% stake in the Riyadh-based company.
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