China’s HNA Group to buy 25% stake in Hilton
Chinese aviation and shipping conglomerate HNA Group said it would buy a stake of about 25 percent in hotel operator and manager Hilton Worldwide from biggest shareholder Blackstone for $6.5 billion.
Hilton’s shares were up 6.3 percent at $24.35 in premarket trading on Monday.
HNA will buy the stake for $26.25 per share, representing a premium of 14.6 percent to Hilton’s closing price on Friday and valuing the hotel company at about $26 billion.
Blackstone’s holding in Hilton will be reduced to 21 percent after the deal closes in the first quarter of 2017, the companies said.