Sun International has returned to Botswana.

The hotel and gaming company owns a 40% stake in Peermont Global Botswana (PGB), subject to certain conditions set by the Competition and Consumer Authority (CCA).

The South African giant will acquire properties such as the Grand Palm and Peermont Mondior in Gaborone, as well as the Peermont Metcourt Hotel & Sedibeng Casino in Francistown.

The takeover is the result of Sun International's acquisition of Peermont Holdings, announced in December 2023. As part of the deal, conditionally approved by the CCA, Sun International will buy the 40% stake in PGB previously owned by state investment agency Botswana Development Corporation, The Monitor reports.

CCA noted the risks associated with the buyout of BDC, and that that Sun International will have a dominant position in the local casino market.

The approval of the acquisition is subject to several conditions, including the retention of all employees of the target entity and a ban on the dismissal of any employees in Botswana. Sun International must provide documentation on this matter within three years of the takeover. It is also required to give priority to local suppliers.

Source: travelnews.co.za

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