Riyadh – Mubasher: Al Khaleej Training and Education Company signed a non-binding Memorandum of understanding (MoU) with Alkhabeer Capital to acquire a portfolio of educational firms owned by private funds managed by Alkhabeer.

In case a final agreement is reached, part of the acquisition value will be paid by Al Khaleej in cash with the remaining amount to be through a share swap, according to a bourse statement on Sunday.

The portfolio comprises seven schools situated in the cities of Riyadh, Jeddah, Yanbu, and AlKhobar with more than 11,600 students.

The MoU, signed on 6 August, is effective for one year, renewable with the consent of the two parties. Moreover, Al Wasatah Al Maliah (Wasatah Capital) was appointed as a financial advisor for the said deal.