Ataa Educational Company (SASE:4292) signed memorandum of understating to acquire Arabian Education and Training Group on February 9, 2021. As of August 8, 2021 Ataa Educational Company signed an agreement to acquire The Arabian Education and Training Group Holding Co for approximately SAR 140 million. As per terms of transaction, the consideration for the acquisition will be a cash amount of 75% of the proposed transaction value and an issuance of shares in Ataa Educational for shareholders of Arabian Group at 25% of the proposed value, once an agreement is reached. The MoU will be effective for 90 working days after the signing date. The transaction will be funded from bank financing. As of June 3, 2021, the parties to the MoU have agreed to extend the duration of the MoU for another 90 working days starting from the end of the previous duration, and on the same terms and conditions. Ataa will conduct due diligence on financial, legal, administrative and operational conditions of Arabian Education. The procedures for the proposed acquisition are subject to approval from Ataa's extraordinary general assembly and the competent authorities' approval. As of June 16, 2021, the Saudi General Authority for Competition (GAC) approved the deal. Ataa expected to complete the takeover transaction in the first quarter of the coming fiscal year. Aljazira Capital Company acted as financial advisor to Arabian Education and Training Group.