Riyadh – Mubasher: Ataa Educational Company has signed a memorandum of understanding (MoU) with Al Falah Company in a move to acquire Al Falah Schools in Riyadh.
The 30-day deal aims at defining the framework of the obligations and mutual rights regarding the acquisition, according to a recent bourse statement.
Ataa noted that the deal could be renewed for two similar periods.
Both companies have also agreed on a preliminary valuation, while the final deal value will be determined in cash after completing due diligence procedures.
The acquisition is subject to regulatory approvals, and any material developments will be disclosed later on.
