Ataa unit inks deal to buy Al-Alson International, Glory Generation schools for SAR 42.2 mln

Logo of Ataa Educational Co.

Ataa Educational Co. announced that its subsidiary, Arabian Education and Training Group (AETG), signed an agreement to acquire the entire shares of Al-Alson International School (AIS) and Glory Generation International School (GGIS) for SAR 42.17 million after completing negotiations with the owners of both companies. 

In two separate statements to Tadawul, Ataa said that the value of acquiring AIS, of which AETG owns 62.8%, is SAR 38.32 million. 

The value of acquiring GGIS is SAR 3.85 million. AETG owns 45% of its shares. 

The company also noted that both acquisitions will be closed after completing the acquisition procedures.  

Al-Alson owns and operates AISComplex in Al Murabba and Al Olaya districts, Riyadh. The complex includes all educational stages for male and female students from kindergarten to secondary stage (KG-G12). 

Meanwhile, GGIS owns and operates Glory Generation International Schools Complex in Umm Al-Hamam district, Riyadh. The complex includes all educational stages for male and female students from kindergarten to secondary stage (KG-G12). 

The two acquisitions come in line with Ataa's expansion strategy in the educational sector, with the aim of maximizing the return on equity for its shareholders. 

The deals will be financed from banking loans, Ataa said, expecting that the relevant financial impact will appear starting from the first quarter after obtaining the regulatory approvals and completing the transactions. 

The agreements are subject to the approvals of the General Authority for Competition and other regulatory authorities. 

Ataa will announce the latest essential developments to complete the transaction procedures in due course. 

The following tables show the financial statements of the target assets under acquisition over the last three years: 

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