Sun International Announces The Acquisition Of The Peermont Group
Sun International Announces The Acquisition Of The Peermont Group. Sun International has announced that it has entered into a sale agreement in terms of which it will acquire all of the issued ordinary shares of and any claims on loan account against Peermont Holdings.
The Peermont Group is a leading hospitality and entertainment group of companies which operates 11 properties located across South Africa and Botswana, in addition to the online sportsbook, PalaceBet. Founded in 1995, the Peermont Group has developed an excellent track record in the design, development, management, ownership and operation of multifaceted integrated resorts, including hotels, casinos, convention centres, retail centres, health spas, restaurants, bars and other sport and entertainment facilities. This track record and differentiated approach bodes well as a further addition to the Sun International stable.
The Peermont Group’s flagship asset is Emperors Palace Hotel Casino Convention and Entertainment Resort, a leading gaming destination in Gauteng offering a world-class casino property, complemented by four unique hotels, a health and beauty spa, various dining options, entertainment venues, including a state-of-the-art cinema complex, and world-class conference facilities. Furthermore, it is ideally situated close to the OR Tambo International Airport, a travel hub for those entering South Africa.
Sun International has, over the last six years, repositioned itself from a highly geared hospitality and gaming group operating across several regions in Africa and Latin America, to a simplified and locally empowered South African-focused, cash generative business with disciplined capital allocation principles.
The Proposed Transaction represents a unique opportunity for Sun International to acquire a group of gaming and hospitality assets of significant scale and quality, which is aligned with Sun International’s growth strategy.
