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Playa, Sagicor detail termination fees in merger deal

Playa Hotels & Resorts NV's merger agreement with Sagicor Group Jamaica Ltd. requires Playa to pay Sagicor up to $500,000 to cover costs and expenses if Sagicor terminates the deal because Playa failed to deliver the required consideration of 20 million of its common shares and $100 million in cash by the specified time.

The agreement requires Sagicor to pay Playa up to $2 million if Playa terminates the agreement in the event of a default by Sagicor that is not cured within 10 days.

Under the deal, Sagicor will deliver a portfolio of five resorts and two developable land sites to a Playa subsidiary, all of which are on the north coast of Jamaica.