Blackstone, the New York-based private equity firm, has agreed to sell its close to 16 million* shares of Hilton Worldwide after 11 years of ownership, for an estimated $1.3 billion.
Blackstone acquired Hilton in a highly leveraged transaction in 2007 for $26 billion, and has since tripled its investment in what was one of the most profitable private equity transactions ever.
Hilton will buy back 1.25 million shares. Blackstone has been selling its stake in Hilton gradually in recent years, including the public re-listing of the company in 2013 and the 2016 sale of a 25% stake to the Chinas HNA Group, which is now also seeking to sell its stake in Hilton as well as its stake in NH Hotels.
* 15.8 million
www.hvs.com
