Hilton Hotels Corp &
Blackstone Group LP | Update Date: 02/04/09 |
| Date Announced: 07/03/07 |
| Value (million $USD): 20.17 billion U.S. Dollar |
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| Status: Completed | |
| TRANSACTION DETAILS |
|---|
| Date Announced | 07/03/07 | | |
| Date Originally Announced | 07/03/07 | | |
| Format | Merger | Acquisition techniques | Going Private; Leveraged Buyout; Financial Acquiror; Institutional Buyout |
| Attitude | Friendly | Agency | European Commission |
| Value | 20.17 billion U.S. Dollar | Advisor Fees | Hilton Hotels Corp paid UBS Investment Bank a fee of $2 mil for the rendering of its fairness opinion and a contingency fee of $31.6 mil, on consummation of the merger. |
| SYNOPSIS |
|---|
| US - Blackstone Group LP acquired all the outstanding common stock of Hilton Hotels Corp, an owner and operator of hotel chains, for $47.50 in cash per share, or a total value of $20.168 bil. The transaction was subjected to shareholder and regulatory approval, as well as other customary closing conditions. |
| TARGET |
|---|
| Name | Hilton Hotels Corp (HLT) |
| Industries | n/a |
| City | Beverly Hills |
| State | CA |
| Nation | United States |
| Incorporated in | DE |
| Public Status | Public |
| Business Description | The company's principal activities are to own, manage and develop hotels, resorts and timeshare properties and franchise lodging properties. The company operates in three business segments: The Hotel Ownership segment derives revenue primarily from owned, majority owned and leased hotel properties. The Managing and Franchising segment provides services including hotel management and licensing of our family of brands to franchisees. The Timeshare segment consists of multi-unit timeshare resorts. The hotel brands include Hilton, Hilton Garden Inn, Doubletree, Embassy Suites, Homewood Suites by Hilton, Hampton and Conrad. The company operates in the United States, United Kingdom and other international countries. |
| Advisors | UBS Investment Bank; Moelis Advisors |
| Target Sales | 8.51 billion U.S. Dollar |
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| ACQUIROR |
|---|
| Name | Blackstone Group LP (BX) |
| Industries | Investors, nec |
| City | New York |
| State | NY |
| Nation | United States |
| Incorporated in | DE |
| Public Status | Public |
| Business Description | Blackstone Group LP, located in New York, New York, offers private equity and investment management services. The Company is an asset manager and provider of financial advisory services. The company provides asset management services of corporate private equity funds, real estate opportunity funds, funds of hedge funds, mezzanine funds, senior debt funds, proprietary hedge funds and closed-end mutual funds. The company provides financial advisory services, including mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement services. The company invests in lodging, urban office buildings, residential properties, distribution and warehousing centers and real estate operating companies through real estate opportunity funds. The company focuses on actual and expected changes in the economic conditions in the debt and equity capital markets in all of the geographic regions in which the company conducts its business and tries to accelerate or reduce the rate of its investment or disposition activities in response to changing economic and market conditions. |
| Advisors | Bear Stearns & Co Inc; Banc of America Securities LLC; Deutsche Bank AG; Morgan Stanley; Goldman Sachs & Co; Merrill Lynch & Co Inc; Lehman Brothers |
| Acquiror Sales | 2.33 billion U.S. Dollar |
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