SJM (HKG:0880) will acquire the entire issued share capital of Arc of Triumph Development, owner of the L'Arc Hotel property in Macau, for HK$1.75 billion, according to a Thursday Hong Kong bourse filing.

The consideration comprises the nominal 180,000 Macanese pataca share price and the assumption of HK$1.75 billion in ICBC debt tied to the property, adjusted for the nominal amount.

The vendors, Goldarch Holdings and Solar King Investments, both indirectly wholly owned by director Angela Leong, will settle the remaining loan balance at completion, partly funded through a HK$177.5 million three-year loan from SJM Resorts.

SJM Resorts will also end its agreement to operate Casino L'Arc Macau as a satellite casino. Services will cease at completion, with the L'Arc Services Agreement terminating upon regulatory approval or by Dec. 31.

L'Arc Entertainment, Leong's wholly owned entity, will not receive service fees after completion.