The deal to acquire Peermont, which was worth around R7 billion, was terminated following issues with competition regulators.
The Competition Commission recommended that the Competition Tribunal reject the deal in October 2024.
The commission said the deal would substantially prevent or lessen casino and gambling services in South Africa and central Gauteng.
The Competition Tribunal has final say and could have still approved the deal; however, the two companies binned the deal after it became apparent they would not be able to make it work.
The stipulated dates for the tribunal hearing and closing arguments were set for 2 October 2025—but this would have been after the proposed transaction’s longstop date of 15 September 2025.
Sun International said that the regulatory environment remains a critical focus area and called for a balanced framework that aligns the interests of operators, government, and consumers.
“Well-calibrated regulation is the most effective safeguard against the proliferation of illegal gambling and is essential to maintaining a fair and responsible gaming ecosystem,” it said.
Despite the failure to acquire Peermont, the group remains open to selective acquisitions in online gaming to enhance scale, geographic diversification and access to technology.
“We will continue to find ways in which to optimise and clean up the portfolio through minority buyouts, where opportune, and redirecting our resources to strategic growth areas.”
The group said it remains focused on driving growth in free cash flow while maintaining a disciplined approach to capital allocation.
The approach is central to increasing value and aims to achieve the correct balance between shareholder returns, investment in the business and value accretive M&A.
