Sun Global Terminates Peermont Group Acquisition Deal

Sun Global Terminates Peermont Group Acquisition Deal

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

Sun Overseas presently manages a true wide range of accommodations and casinos across Africa and Latin America. Last year, the organization announced that it was about to acquire a 100% stake in Maxshell 114, known to be Peermont’s holding company.

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

Last year, the South competition that is african recommended that the purchase deal be blocked as though completed, it could expel any casino competition into the Gauteng province.

Following a statement about the deal’s termination, the Competition Tribunal confirmed in a statement from earlier today that the involved events informed the Tribunal at a hearing that is preliminary it had been not clear whether a merger would eventually just take destination and asked for for their case to be ‘removed through the roll.’

At present, Peermont manages a true quantity of resorts and as many as eight gambling venues across South Africa. Continue lendo “Sun Global Terminates Peermont Group Acquisition Deal”