According to Hotel & Restaurant, Sun International has concluded agreements with the holders of ordinary shares, preference shares and mezzanine debt in the Peermont Group, in terms of which Sun International will acquire 100% of the Peermont Group. In addition, Sun International and Peermont have reached an agreement to settle the objection by Peermont to Sun International’s Menlyn Maine project in Tshwane.
“Peermont has a number of complementary attributes that will enhance our group,” said Graeme Stephens, Sun International’s Chief Executive.
Peermont operates a portfolio of gaming and hospitality businesses in South Africa and Botswana, owning nine casino resorts, including its flagship Emperors Palace casino resort, three stand-alone hotels and one stand-alone casino.
The acquisition, which will further diversify Sun International’s assets, will be subject to approvals, including the relevant regulatory bodies and the approval of the requisite majority.