Ataa inks non-binding MoU to buy Al-Falah Schools

Ataa Educational Co. has signed today a non-binding memorandum of understanding (MoU) with Al-Falah Co. (LLC) to acquire Riyadh-based Al-Falah Schools, the company said in a bourse statement.

The 30-day MoU, which could be renewed for two similar periods, sets out the parties’ obligations and rights under the planned acquisition.

Both parties have also agreed on a preliminary valuation, while the final deal value will be determined in cash after completing due diligence procedures.

No financial advisers are appointed and no related parties are involved in the deal, Ataa added.

The acquisition is subject to regulatory approvals, the company said, adding that any material developments will be disclosed later on.