Sun International Ends R7.3bn Peermont Acquisition Amid Regulatory Delays

Sun International's anticipated acquisition of Peermont was brought to a halt due to regulatory delays from the Competition Tribunal, which set the hearing date too late for the acquisition to proceed before the longstop date. The deal, valued at R7.3 billion, faced hurdles when the Tribunal scheduled its hearing post the September 15, 2025 deadline, prompting immediate termination by mutual agreement between the parties. Additionally, discovery disputes between Sun International and Peermont were cited as factors leading to the delay. Despite multiple efforts by Sun International to expedite the process, the Tribunal was unable to accommodate earlier hearings due to its busy schedule. The termination comes amidst wider criticisms of the Tribunal's pace, especially highlighted in recent high-profile cases like Vodacom's acquisition of Maziv. Peermont, owned by Sun International, operates extensive hospitality and gaming operations, while Sun International's assets include well-known entities like Sun City. Ultimately, the evolution of online gaming further diminished the perceived competitive risks initially associated with the acquisition.