Ataa Educational terminates Al-Falah Schools acquisition deal on COVID-19 concerns

Ataa Educational Co. terminated the agreement signed with Al-Falah Co. (LLC) to acquire Riyadh-based Al-Falah Schools without any penal terms or financial impact in accordance with the conditions of the deal, it said in a bourse statement.

The decision follows the government’s 24-hour curfew measures in some cities to curb the spread of COVID-19, as the company will be unable to achieve the set plan supposed to start from the first day of purchase.

The company emphasized on its intentions to continue moving forward in implementing strategies to acquire appropriate assets.

There are no financial costs associated with the decision, the statement said, adding that any further updates will be announced in due course.

On March 10, Ataa Educational signed an acquisition agreement with Al-Falah Co. (LLC) to acquire Riyadh-based Al-Falah Schools for a total value of SAR 50 million, Argaam reported.