Market Updates
Blackstone to Buy Hilton in $26 B Deal
Elena
04 Jul, 2007
New York City
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Blackstone will pay $47.50 for each share, a 32% premium over its closing price Tuesday. The second biggest U.S. hotel chain decided to go private after more than 60 years as a public company. The acquisition deal, which is a record for the hotel industry, totals $26 billion including the assumption of debt.
[R]12:00AM Hilton Hotels agreed to be bought by Blackstone for $20 B.[/R]
Hilton Hotels Corp. announced an agreement to be bought by Blackstone Group in a deal worth $20 billion. Including the assumption of debt, the transaction totals $26 billion.
The second biggest U.S. hotel chain decided to go private after more than 60 years as a public company. The acquisition is a record for the hotel industry. Blackstone joins Apollo Management LP and Texas Pacific Group in targeting hotel companies for their cash flow and real estate.
Blackstone will pay $47.50 for each share, a 32% premium over its closing price Tuesday. Barron Hilton, the son of founder Conrad Hilton and co-chairman of the Beverly Hills, will receive $990 million for his 20.8 million shares.
Hilton''s German-listed shares 37% in Frankfurt today. The company''s U.S. stock gained 6.4% in composite trading on the NYSE before the announcement yesterday.
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