South African casino firm Tsogo Sun Holdings has agreed to buy Century Casinos Africa for R460 million, I-Net Bridge has learned.

A statement posted this week on the website of the Nasdaq-listed casino entertainment firm Century Casinos said that Tsogo Sun Holdings is buying the properties via its unit Tsogo Sun Gaming.

Tsogo Sun Holdings, which owns and operates casinos and hotel resorts across southern Africa, is owned by Hosken Consolidated Investments and brewing giant SABMiller.

The transaction is expected to be completed by the first half of next year.

Century Casinos Africa owns and operates the Caledon Hotel, Spa and Casino near Cape Town, as well as 60% of Century Casino Newcastle in Newcastle.

It reported an average annual consolidated EBITDA of R54 million over the last three years.

Source: I-Net Bridge