Sun International drops Peermont deal

The South African hospitality giant had planned to acquire Peermont Holdings, the majority owner of Grand Palm Hotel and Gaborone International Convention Centre (GICC), in a deal initially valued at R7.3 billion before deductions.

Peermont Holdings also indirectly owns 60% of Peermont Global Botswana, which operates the Peermont Mondior Hotel and Metcourt Inn in Gaborone, as well as the Metcourt Lodge and Sedibeng Casino in Francistown. The remainder is owned by the Botswana Development Corporation (BDC).