AlKhaleej Training inks contract to acquire 51% of Al-Riyadah Schools

Logo of AlKhaleej Training and Education Co.

AlKhaleej Training and Education Co. signed today, April 12, a sale and purchase agreement (SPA) with the owners of Al-Riyadah Schools Co. to acquire a 51% stake in the latter, according to a statement to Tadawul.

The SPA will be effective 120 days from the signing date, the statement said, adding that the agreement may be renewed with the consent of both parties.

The deal does not have any related parties, the company said.

The agreement is subject to a number of essential conditions that should be satisfied in advance. This includes obtaining the approval of the relevant government agencies, including the General Authority for Competition, and the sellers’ termination of some legal procedures and requirements that were agreed upon in the contract.

Any material developments regarding the agreement or acquisition will be announced in due course, the company said.