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South African fund Hospitality acquires Tsogo casinos
JOHANNESBURG, July 9 (Reuters) - South African propertyy
fund Hospitality Property Fund has acquired seven
casino and hotel businesses from Tsogo Sun in a shares
and subscription agreement worth 23 billion rand ($1.72
billion), the companies said on Monday.
Hospitality said the transaction was aimed at broadening its
earnings base, while Tsogo said it was in line with plans to
restructure into three separately listed operating divisions
focused on property, gaming and hotel management.
"Upon completion of the transaction, Tsogo will hold
approximately 87 percent of the shares in Hospitality. It is
Tsogo’s ultimate intention to unbundle their shareholding in
Hospitality to its shareholders," Tsogo said.
($1 = 13.3890 rand)
(Reporting by Ed Stoddard. Editing by Jane Merriman)
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