Sun International Terminates Peermont Group Acquisition Deal

Sun International Terminates Peermont Group Acquisition Deal

South African hotel and casino operator Sun Global revealed today so it has decided to scrap the R6.5-billion plan for the purchase of competing casino company Peermont Group.

Sun Global presently manages a true wide range of hotels and casinos across Africa and Latin America. This past year, the organization announced it was likely to obtain a 100per cent stake in Maxshell 114, considered to be Peermont’s keeping business.

Michael Farr, spokesman for Sun International, said on Wednesday that they have decided to abandon the merger plan and will not take any more steps towards the said merger’s completion that they have informed the South African Competition Tribunal. Mr. Farr additionally described the united states’s Competition Tribunal as an oversight body that may not be trusted.

Last year, the South competition that is african suggested that the purchase deal be obstructed just as if finished, it would eradicate any casino competition within the Gauteng province.

Following the statement concerning the deal’s termination, the Competition Tribunal confirmed in a declaration from previous today that the involved events informed the Tribunal at a hearing that is preliminary it absolutely was unclear whether a merger would fundamentally simply take place and requested for their instance to be ‘removed from the roll.’

At the moment, Peermont manages a true number of resort hotels so when numerous as eight gambling venues across Southern Africa. Continue reading…