South African hotel chain Sun International on Friday announced plans to take over casino resort group Peermont for nearly 9.5 billion rand ($775 million) to fund the acquisition.
Sun intends to roll over nearly R3.9 billion of Peermont’s senior debt while taking on a fresh facility of about R575 million, it said in a filing to regulators.
Sun International is one of the biggest hotels in the country headed by Sol Kerzner since 1983 when the South African Breweries its hotel interests into two.
($1 = 12.2598 rand)