Sun International has returned to Botswana.
The hospitality and gaming company has a 40% stake in Peermont Global Botswana (PGB), under certain conditions made by the Competition and Consumer Authority (CCA).
The South African giant will take over properties such as the Grand Palm and Peermont Mondior in Gaborone and the Peermont Metcourt Hotel & Sedibeng Casino in Francistown.
The takeover is a result of Sun International's acquisition of Peermont Holdings, announced in December 2023. Under the transaction, conditionally approved by the CCA, Sun International will buy a 40% stake in PGB, previously owned by state-owned investment agency, the Botswana Development Corporation, reports The Monitor.
The CCA has noted the risks surrounding the buyout of BDC and that Sun International will attain a dominant position in the local casino market.
The approval of the acquisition deal comes with several conditions, including the retention of all employees from the target enterprise and a prohibition on laying off any employees in Botswana. Sun International must provide documentation on this for three years after the takeover. It is also required to give priority to locally owned suppliers.
