‎NCLE signs SAR 72 mln SPA to buy entire shares in Al Salam and Training

‎NCLE signs SAR 72 mln SPA to buy entire shares in Al Salam and Training

National Company for Learning & Education (NCLE) signed today, July 13, a share purchase agreement with the shareholders of Al Salam Education and Training Co. (a limited liability company) to purchase their entire shares in the company with an amount of SAR 72 million, according to a bourse filing.

The final agreement was signed to purchase the entire shares of shareholders of Al Salam Education and Training Co. (Al-Salam)- limited liability company (owner of Alsalam Schools in Al-Khobar city).

NCLE also said it has conducted all due diligence and valuation work through its external advisors. The valuation was done using different methods such as Discounted Cash Flow, P/E and EBITDA Multiples methods.

The agreement contains several warranties and representations by the sellers regarding the commercial aspects such as the accuracy of the information in Al-Salam’s accounts and financial statements and the validity of assets ownership, in addition to other warranties related to Al-Salam’s liabilities and its employees as well as the indemnification of any unrecorded liabilities in the company’s records for the period prior to the closing date of the transaction.

The agreement is also subject to several conditions precedent that must be fulfilled by the sellers within 150 days from the date of