Sun International partner to become sole owner of Sun Dreams

Sun International said on Friday its Latin American partner, Nueva Inversiones Pacifico Sur Limitada, will buy a 64.94% equity stake in casino operator Sun Dreams for $160 million to become its full owner.

The purchase by the Chilean investment group follows a dispute with hotel and gaming firm Sun International about a R1.5 billion where Pacifico had agreed to buy a 14.94% stake in Sun Dreams but failed to close the deal.

The firms have now reached a settlement that will see Pacifico closing that deal and buying the remaining 50% stake in Sun Dreams, which is owned by Sun International’s Latin America subsidiary, Sun Latam.