GAC nods to Alkhaleej Training's acquisition of Adhwaa Al-Hedaya Schools

Logo of Alkhaleej Training and Education Co.

The General Authority for Competition (GAC) approved Alkhaleej Training and Education Co.'s acquisition of an 80% stake in Adhwaa Al-Hedaya Private Schools.

Last March, Alkhaleej Training sealed a sale and purchase agreement (SPA) with Adhwaa Al-Hedaya's shareholders to acquire 1.6 million shares (80% of capital) in the latter by issuing new shares to Adhwaa Al-Hedaya's shareholders, Argaam’s data indicated.

For more news and details on M&As

Alkhaleej Training will issue 22.65 million new ordinary shares to Ethraa Holding, at a nominal value of SAR 10 each. These shares will be in exchange for the 1.6 million shares acquired in Adhwaa Al-Hedaya.