Sun International returns to Botswana with acquisition plans
Sun International, a leading South African hospitality company, will strengthen its presence in Botswana’s tourism sector through a strategic acquisition of Peermont Holdings. This deal will give Sun International control over Peermont's 60% stake in Peermont Global Botswana (PGB), the operator of key properties including the Grand Palm Hotel and Convention Centre in Gaborone.
This acquisition is part of a broader ZAR 7.3 billion transaction that sees Sun International acquiring 100% of Peermont Holdings, which operates several high-profile hotels and casinos across Botswana. However, the Botswana Development Corporation (BDC) will retain its 40% ownership in PGB, ensuring its continued involvement in the country’s hospitality industry.
The transaction has been conditionally approved by the Competition and Consumer Authority (CCA) of Botswana. The conditions include assurances that there will be no merger-related job losses, and that local and citizen-owned companies will be prioritized for goods and services in Botswana.
Additionally, should Sun International decide to sell its stake in the future, BDC will have the first right of refusal.
This acquisition marks a significant step for Sun International in Botswana, reinforcing its position in the regional hospitality market while aligning with Botswana’s strategy to grow its Meetings, Incentives, Conferences, and Exhibitions (MICE) sector.
Source: Mmegi Online