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Sun International acquires MIC-backed Peermont group

Emperor's Palace, Gauteng

South African hotel chain Sun International has agreed to acquire casino operator Peermont Group in a deal worth nearly $775 million.  In April 2007, Mineworkers Investment Company, (MIC), led a consortium of management and community trusts in a buy-out of Peermont.  Sun intends to issue shares to Peermont’s existing shareholders, and, in order to finance the acquisition, hold a rights offer and both roll-over existing debt as well as take on fresh debt.

Read more at Reuters…

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