Alkhaleej Training signs SPA to acquire 60% of Al-Faisaliah National Schools for SAR 60 mln

Logo of Alkhaleej Training and Education Co. 

Alkhaleej Training and Education Co. signed today, July 5, a sale and purchase agreement (SPA) for the acquisition of 60% of Al-Faisaliah National Schools Co. Ltd. for SAR 60 million, which represents 60% of the deal's total value, according to a bourse filing.

The company also added that the agreement stipulates that the transaction value will be paid over two equal payments.

First, SAR 30 million will be paid upon signing the partners’ decision to add a new partner and to transfer the company’s legal entity before the notary public and documenting it in a systematic manner to transfer the ownership of shares sold to Alkhaleej Training.

Payment of the remaining SAR 30 million will be made upon receipt of the company's new commercial registration after including Alkhaleej Training in the memorandum of association and commercial registry.

The SPA signed with the owners of Al-Faisaliah National Schools Co. is subject to a number of conditions, including, but not limited to, obtaining approval of competent government authorities, namely the General Authority for Competition (GAC) and the Ministry of Education.

This is besides the sellers’ finalization of some legal procedures related to completing licenses and regulatory permits.

Alkhaleej Training noted that there are no related parties to the agreement, adding that Riyadh-based consulting advisory firm Quality & Time (QT) is its financial advisor for this transaction.

Any material developments in this regard will be announced in due course, the company said.

Last October, Alkhaleej Training entered into a non-binding memorandum of understanding (MoU) with the owners of Al-Faisaliah National Schools in Jeddah to acquire 60% of the latter. The MoU was extended in April for an additional 90 days, according to Argaam's data.

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