Sun International Ltd has announced the immediate termination of the proposed R7.3 billion (approx. €359.6 million) acquisition of Peermont’s Emperor’s Palace resort and its online sports betting brand, PalaceBet.
The deal, first announced in December 2023, received approval from Sun International’s shareholders in March 2024. However, it was referred to the Competition Tribunal after the Competition Commission recommended termination, citing concerns over potential negative impacts on market competition in the region.
The Competition Tribunal, which holds the authority to approve the transaction, had scheduled a hearing and closing arguments for October. Unfortunately, this timing conflicts with the regulatory longstop date of September 15, which was a condition precedent for completion of the acquisition.
As a result of this conflict, both parties have mutually agreed to terminate the proposed transaction.
In related news, Sun International also confirmed that Ulrik Bengtsson has officially commenced his role as CEO, having secured his South African work permit earlier this week.
Following this announcement, shares in Sun International Ltd saw a slight increase of 0.13%, trading at ZAC4,730.00 per share in Johannesburg.
