Amanat acquires a 60% stake in Human Development Company for SAR 220.3mln

Amanat acquires a 60% stake in Human Development Company for SAR 220.3mln

Highlights:

-

Human Development Company (“HDC”) is the leading provider of special education and care services in KSA through a network of 9 schools, 22 daycare centers and rehabilitation medical clinics across 6 provinces

-

The transaction is in line with Amanat’s strategy and strengthens both its Healthcare and Education platforms by expanding their reach to cater for people of determination

-

Amanat plans to expand the footprint of HDC in KSA and the wider GCC

Dubai | Amanat Holdings PJSC (“Amanat” or the “Company”), the GCC’s only dedicated healthcare and education investment listed company, announces the acquisition of a 60% stake in Human Development Company (“HDC’) (the “Transaction” or the “Acquisition”), the leading provider of special education and care (“SEC”) services in KSA covering educational, medical, and rehabilitation services, for an initial consideration of SAR 220.3 million as well as a contingent consideration of up to SAR 47.1 million payable subject to future earnings growth. HDC has presence across 6 provinces and caters to over 3,000 beneficiaries through a network of 9 schools, 22 daycare centers and specialized rehabilitation medical clinics.

The transaction is in line with Amanat’s strategy and strengthens both its Healthcare and Education platforms by expanding their reach to cater for people of determination.