Blackstone gets Hilton Hotels for $26 bn
Private equity giant Blackstone Group has entered into "a definite merger agreement" with Hilton Hotels Corporation, worth some USD 26 billion, Hilton has said.
By Agencies |
NEW YORK: Private equity giant Blackstone Group has entered into "a definite merger agreement" with Hilton Hotels Corporation, worth some USD 26 billion, Hilton has said.
Under the terms of the agreement declared yesterday, Blackstone will acquire all the outstanding common stock of Hilton for $47.50 per share. The price represents a premium of 40 per cent over Monday's closing stock price.
Hilton Hotels stock closed up 6.44 per cent Tuesday on the New York Stock Exchange at $36.05.
Hilton's Board of Directors approved the transaction yesterday, which will be completed sometime during the fourth quarter of 2007, subject to the approval of Hilton's shareholders.
Under the terms of the agreement declared yesterday, Blackstone will acquire all the outstanding common stock of Hilton for $47.50 per share. The price represents a premium of 40 per cent over Monday's closing stock price.
Hilton Hotels stock closed up 6.44 per cent Tuesday on the New York Stock Exchange at $36.05.
Hilton's Board of Directors approved the transaction yesterday, which will be completed sometime during the fourth quarter of 2007, subject to the approval of Hilton's shareholders.
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