Tribunal approves Southern Sun, Hospitality Property merger with conditions
The Competition Tribunal has approved the merger between Southern Sun Hotels and the Hospitality Property Fund, subject to conditions related to potential information exchange.
Tsogo Sun Holdings, which owns Southern Sun, will acquire a 50.6% controlling stake in Hospitality by vending a portfolio of ten hotel properties into Hospitality in exchange for Hospitality shares.
Southern Sun operates various hotels throughout South Africa under several brand names, including Southern Sun, Garden Court, SunSquare and Sun1.
Hospitality is a real estate investment trust (Reit) which owns hotel properties and provides leasing services to third-party hotel operators.
The merger was approved subject to a number of conditions, including that the merging parties ensure that Hospitality has its own executive management team, which will be responsible for day-to-day operations of the Reit.
Any directors appointed to the board of Hospitality will comply with their fiduciary duties and not disclose any information relating to any hotels leased from Hospitality by third parties to employees of Southern Sun.
The merging parties are required to submit a copy of the conditions to third-party operators and send a copy of the confidentiality and information exchange policy to the Competition Commission.
Southern Sun is required to, for a period of three years from the approval date, notify the commission of the termination of, or any change of the third-party operators at a specific Hospitality hotel.
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