July 3, 2007
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Pays $26 Billion, Commits To Work With Franchisees To Enhance Business
Hilton Hotels Corp. said Tuesday it has agreed to be acquired by The Blackstone Group LP for $18.5 billion in cash and the assumption of $7.5 billion in debt.
The deal should conclude in the fourth quarter of this year. Hilton’s CEO, Mr. Stephen Bollenbach, plans to step down at the end of the year.
Jonathan Gray, senior managing director at Blackstone told the Associated Press, “We are committed to investing in the company and working with Hilton’s outstanding owners and franchisees to continue to grow and enhance the business.”
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