Logo of Ataa Educational Co.

Ataa Educational Co. signed on Dec. 13 a sale and purchase agreement (SPA) to acquire Naba'a Educational Co. through its wholly-owned subsidiary, Arabian Education and Training Group Holding Co.

 

Ataa will increase its capital by 5.22% to acquire Naba’a, which is valued at SAR 92.01 million, the company said in a statement to Tadawul.

 

Deal Details

Target Company

Naba'a Educational Co.

Acquisition Value

SAR 92 mln

Ataa Educational Value

SAR 1.763 bln based on the stock price of SAR 44.08

Ataa’s Capital before Increase

SAR 400 mln

Number of Shares

40 mln

Capital Increase

20.87 mln 

Capital Increase Percentage

5.22%

Capital after Increase

SAR 420.87 mln

Number of Shares after Increase

42.09 mln

Acquisition Percentage

100%
 

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).

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