NCLE to acquire Riyadh-based education firm

National Company for Learning & Education (NCLE) has inked a non-binding memorandum of understanding (MOU) with Riyadh-based Al-Khwarizmi Co. for Education, a limited liability Co., to acquire 100 percent of its shares, NCLE said in a bourse filing.

The MoU is renewable and will be effective for 30 days as of the signing date Oct. 10, 2019.

Under the MoU, the financial value of the acquisition deal will be determined after finalizing the due diligence process and the relevant financial impact will be defined later.

There are no other parties involved in the deal, the statement added.