Blackstone Buys Hilton Hotels

4th July 2007 (Last Updated July 4th, 2007 10:52)

US private equity company Blackstone Group has bought the Hilton Hotels chain for US$26bn in an all-cash transaction. Blackstone has agreed to pay US$47.50 per Hilton share – a 32% premium over yesterday's closing stock price. The deal is subject to the approval

US private equity company Blackstone Group has bought the Hilton Hotels chain for US$26bn in an all-cash transaction.

Blackstone has agreed to pay US$47.50 per Hilton share – a 32% premium over yesterday’s closing stock price.

The deal is subject to the approval of Hilton’s shareholders but is expected to close during the fourth quarter of 2007.

Blackstone says it will invest in the Hilton properties to “enhance and grow the business for the benefit of owners, franchisees and customers”.