Gaming and hotel group Peermont Global announced on Wednesday that its buy-out of Caesars Gauteng had become unconditional and that Caesars has been renamed Emperors Palace.

In late December Peermont Global entered into agreements with US based Caesars Entertainment to increase its effective stake in GRER Holdings from 62.22 percent to 82.96 percent and to double its stake in Caesars Gauteng Management Company from 50 percent to 100 percent.

GRER Holdings is the holding company for Global Resorts, which operates Caesars Gauteng.

The agreements were approved by the Competition Commission and the Gauteng Gambling Board resulting in the offer becoming unconditional with the effective date for the transaction being March 31.

The total purchase price is valued around R843-million, of which GRER holdings will pay R676.2-million and Peermont Global will pay R166.75-million.

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