Amanat, GCC’s healthcare and education investment listed company, announces the acquisition of a 60 percent stake in the Human Development Company (HDC), the leading provider of special education and care services in Saudi.
The initial consideration is for SAR220.3 million as well as a contingent consideration of up to SAR47.1 million payable subject to the future earnings and growth. HDC has a network of 9 schools, 22 day-care centres and specialised rehabilitation medical clinics.
“The acquisition of a majority stake in HDC meets Amanat’s stated strategic objectives of investing in income generating assets and building scalable specialised platforms. HDC will act as the cornerstone in Amanat’s pursuit of being a leader in the provision of special education and care in the region, having a proven track record of providing high-quality services through a growing network,” said Hamad Alshamsi, Chairman of Amanat.
“Amanat has identified a need for the provision of special education and care in the region and is well positioned to expand this specialised offering regionally to meet the growing need. We look forward to building on HDC’s track record and reaping the benefits of anticipated synergies with both our healthcare and education platforms,” he added.
“The addition of HDC to our portfolio will enable us to expand SEC regionally and lead in growing this specialized sector while creating a lasting and meaningful social impact on the communities we operate in, as we continue to invest, grow, and impact. We are acquiring a majority stake in HDC which has a promising growth trajectory and sizable addressable market,” said Dr. Mohamad Hamade, CEO of Amanat.
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