The Clairvest Group of Canada, which has been exploring IR opportunities in Japan, has signed an MoU that would merge its South American casinos into a larger entity under the umbrella of Sun Dreams.
Should the merger go forward as planned, the larger company would have combined annual revenues of about US$500 million that would own and operate 11 casinos in Chile, 8 casinos in Peru, and one each in Argentina and Colombia.
Clairvest will become a minority shareholder in this arrangement, but the merged company will become the largest casino company in Chile and one of the largest in Latin America.
A statement from Sun International, a South African firm that is a partner in the deal, explains, “the proposed merger strengthens Sun Dreams’ position in Latin America and affords Sun Dreams the opportunity to partner with Clairvest, which are experienced investors in casino assets. In addition, Clairvest will bring a wealth of experience and add value to the merged entity by growing the business.” (AGB Nippon)