Sun International has solidified an agreement to acquire Peermont Holdings Proprietary Limited for a significant R7.3 billion.
The deal encompasses obtaining all issued ordinary shares and any claims on the loan account against Peermont Group.
This strategic move, announced on Monday, not only includes the flagship Emperors Palace Resort but is expected to fortify Sun International’s online business platform, providing avenues for expansion.
Sun International, a prominent player in the hotels, gaming, and entertainment sector, manages a diverse portfolio, including the Sun City Resort and The Table Bay hotel on the V&A Waterfront.
The acquisition is perceived as a substantial value proposition for Sun International, offering opportunities for growth by gaining access to crucial gaming and hospitality assets.
The exact cash payment to the sellers will be determined based on an enterprise value of R7.3 billion for the Peermont Group, adjusted for factors like net debt, sellers’ transaction costs, and potential adjustments for capital expenditure and working capital at the proposed transaction’s closing date.
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