Alkhaleej Training inks MoU to buy 80% of Adwaa Al-Hidaya, Reigate Grammar schools

Logo of Alkhaleej Training and Education Co.

Alkhaleej Training and Education Co. signed today, Sept. 7, a non-binding memorandum of understanding (MoU) with Adwaa Al-Hidaya Schools Company for Boys and Girls (a Saudi closed joint stock company) to acquire 80% of Adwaa Al-Hidaya School and Reigate Grammar School (RSG).

Adwaa Al-Hidaya and RSG are based in Riyadh and are owned by Adwaa Al-Hidaya Schools Company. Both schools have a capacity of nearly 4,000 students, Alkhaleej Training said in a statement to Tadawul.

When a final agreement is reached, Alkhaleej Training will issue compensation shares in favor of Adwaa Al-Hidayah Schools Company.

This MoU will enter into force nine months from the signing date or until a final agreement is reached, whichever is earlier, provided that the period can be extended pursuant to a new written consent between the two parties.

During the said period, Alkhaleej Training will proceed with the necessary evaluation and due diligence, as well as preliminary agreements between the two parties.

Adeem Capital was appointed as financial advisor by Alkhaleej Training for this deal.

There is currently no financial impact or related parties. Any updates will be duly announced, the statement added.

For More Mergers and Acquisitions