Hospitality Property Fund of South Africa has acquired seven casino and hotel businesses from Tsogo Sun in a shares-and-subscriptions agreement worth 23 billion rand (US$1.72 billion), the companies announced last week. The deal will give Tsogo approximately 87 percent of the shares in Hospitality.
Hospitality said it made the acquisition to broaden its revenue base. Tsogo called the deal part of a plan to restructure into three separately listed divisions focused on property, gaming and hotel management.
