Sun International, Peermont scupper R7.3bn acquisition deal

Officials cite 'deal fatigue' after Competition Tribunal scheduled a hearing too late

- EDWARD WEST

SUN International's R7.3 billion acquisition of Peermont has been terminated after the Competition Tribunal scheduled a long-awaited hearing too late for the deal to legally proceed, while "deal fatigue" had set in among the parties.

In an extraordinary event, the Competition Tribunal had scheduled hearings for the Sun International and Peermont deal to be heard on October 2, 2025. The Competition Tribunal is a condition precedent to the transaction, which currently has a longstop date of September 15, 2025.

"Accordingly, as the hearing date is after the regulatory longstop date, the parties have mutually agreed to the immediate termination of the Proposed Transaction," Sun International said.

However, the Competition Commission denied it was the cause of delays in the hearing, and disputes between the parties on discovery evidence had caused delays. The Commission said for instance, that earlier dates for the hearing, such as on 19-30 May 2025, were not utilised due to ongoing discovery disputes between the parties.