GAC issues no-objection on Alkhaleej Training, Adhwaa Al-Hedaya economic concentration

Saudi Arabia’s General Authority for Competition (GAC) has issued a no-objection on the economic concentration process related to the acquisition deal between Alkhaleej Training and Education Co. and Adhwaa Al-Hedaya Private Schools, according to a statement to Tadawul.

Alkhaleej Training signed on Aug. 28 an amended sale and purchase agreement (SPA) with the selling shareholders of Adhwaa Al-Hedaya Private Schools, which entailed some changes to the original acquisition terms, according to Argaam.

Last March, Alkhaleej Training sealed the SPA with Adhwaa Al-Hedaya's shareholders to acquire 1.6 million shares (an 80% stake) in the latter, by way of issuing new shares to Adhwaa Al-Hedaya's shareholders, Argaam’s data showed.