PATTON, MORENO & ASVAT acted as Panamanian counsel to Sun International in the merger transaction of Sun International’s Latin American portfolio (Monticello Grand Casino in Chile, Ocean Club Casino in Panama and the Sun Nao Casino in Colombia) with the casino and hotel portfolio of assets of Chilean-based leader in the gaming and entertainment industry, Dreams S.A., which resulted in the formation of the largest gaming company in Latin America, SUN DREAMS.

The merger was conditional upon the fulfilment or waiver of standard conditions precedent for a transaction of this nature which included, inter alia, the prior approval of the relevant gaming regulators in Latin America.

The merger has the objective of achieving critical mass in Latin America, as well as the unlock of synergies between the combined Chilean properties as a result of its scale.

The new entity Sun Dreams is structured to allow expansion to the rest of the region and it is self-sustaining in the near term, to operate without having to leverage off Sun International Limited’s South African balance sheet.

 

Lawyer: Ivette E. Martínez S., partner

Practice Area: Mergers & Acquisitions