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Sun Global Terminates Peermont Group Acquisition Contract

Sun Global Terminates Peermont Group Acquisition Contract

South African hotel and casino operator Sun Overseas unveiled today it has made a decision to scrap the R6.5-billion plan for the purchase of rival casino company Peermont Group.

Sun Global presently manages wide range of hotels and casinos across Africa and Latin America. This past year, the business announced that it was likely to acquire a 100% stake in Maxshell 114, known to be Peermont’s keeping company.

Michael Farr, spokesman for Sun International, stated on Wednesday they have informed the South African Competition Tribunal they’ve decided to abandon the merger plan and can perhaps not take more steps towards the said merger’s conclusion. Mr. Farr additionally referred to the nation’s Competition Tribunal as an oversight body that cannot be trusted.

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

Following the announcement concerning the deal’s termination, your competitors Tribunal confirmed in a declaration from previous today that the involved events informed the Tribunal at a hearing that is preliminary it had been unclear whether a merger would ultimately take place and requested due to their case become ‘removed through the roll.’

At present, Peermont manages quantity of hotels and also as many as eight gambling venues across Southern Africa.

The statement about the merger’s termination comes just a time after it became clear that gambling operator Tsogo Sun would make another try to get a stake that is strategic two Sun Overseas subsidiaries, running gambling enterprises into the Western Cape.

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