The Blackstone Group (BX) Buys Hilton Hotels (HLT)
Fresh off a $4.1 billion initial public offering, private-equity house Blackstone Group solidified its position as a power to reckon with on Wall Street with a multibillion dollar deal that gives the company control over a hotel empire with more than 600,000 rooms worldwide.
On Tuesday, Hilton Hotels Corp. agreed to an all-cash buyout from Blackstone in a $20.1 billion deal that would instantly make Blackstone the world's largest hotel owner.
The deal was valued at $26 billion including debt. Blackstone said it would combine cash from its real estate and corporate private equity funds to buy all outstanding Hilton shares for $47.50 each, a 32 percent premium over Tuesday's closing stock price.
On Tuesday, Hilton Hotels Corp. agreed to an all-cash buyout from Blackstone in a $20.1 billion deal that would instantly make Blackstone the world's largest hotel owner.
The deal was valued at $26 billion including debt. Blackstone said it would combine cash from its real estate and corporate private equity funds to buy all outstanding Hilton shares for $47.50 each, a 32 percent premium over Tuesday's closing stock price.
Labels: BX, Hilton Hotels Corp., HLT, The Blackstone Group
posted by Stock Administrator @ 8:15 AM
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