Saudi GAC approves Ataa Educational’s acquisition deals

Ataa Educational will acquire 52% of Al Wasat National Schools

  
A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

REUTERS/Ahmed Yosri
Riyadh –  The Saudi General Authority for Competition (GAC) approved for Ataa Educational Company to acquire Arabian Education and Training Group Co., according to a bourse filing on Wednesday.

Ataa expected to complete the takeover transaction in the first quarter (Q1) of the coming fiscal year (FY).

The Saudi GAC also gave the green light for Ataa Educational to acquire 52% of Al Wasat National Schools for Training and Education Company. The transaction is projected to be completed in the fourth quarter of the current FY.

Earlier this month, Ataa Educational extended its memorandum of understanding (MoU) with Arabian Education for 90 more working days to cover the potential acquisition deal.

In January this year, the listed company penned a partnership agreement to acquire part of Riyadh-based Al Wasat National Schools.

Source: Mubasher

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