AMANAT Holdings has acquired a 60% stake in Human Development Company (HDC) from Eight Lines Holding Investments for SAR 220.3 million ($58.7 million).

The Dubai-based private equity firm said the initial transaction value is SAR 220.3 million, and there is a contingent consideration of SAR 47.1 million.

HDC provides special education and care services in educational, medical and rehabilitation services in Saudi Arabia, the company said in a press release. It operates nine schools, 22 day care centres and specialised rehabilitation clinics across six provinces. 

Amanat CEO Dr Mohamad Hamade said the acquisition is part of the company’s strategy to become a leader in the provision of special education and care in the region, having identified a growing need.

HDC founder and chairman Omar Al Modayfer said it will help HDC expand within the kingdom and throughout the GCC.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)