Ataa Educational signs deal to buy out Naba'a Educational

The agreement will end after 12 months from the signing date if the deal is not closed or completed (or on any later date agreed upon between the two parties), Ataa added.

The agreement shall terminate and the transaction shall be deemed invalid and terminated if all parties agree in writing to terminate it by mutual consent; if the Saudi regulatory authorities do not agree to complete the transaction; or if the 12-month period have passed without closing or completing the deal. 

The deal closure is subject to the necessary regulatory approvals, including those of the Capital Market Authority (CMA) and Saudi Exchange (Tadawul) for listing the new shares after the capital hike process, Ataa’s extraordinary general assembly meeting and the General Authority for Competition (GAC).