Blackstone Group gets approval to purchase Hilton Hotels

Blackstone Group gets approval to purchase Hilton Hotels

Hilton Hotels Corp. will be sold for $20.1 billion (14.49 billion EUR) to The Blackstone Group LP.

The company was still calculating the exact percentage of shares that voted, spokeswoman Kathy Shepard said.

Under terms of the buyout, Blackstone will pay Hilton shareholders $47.50 per share in cash. Including assumed debt, the total deal is valued at $26 billion (18.75 billion EUR).

Shares of Hilton Hotels rose 14 cents to $46.12 during afternoon trading. Blackstone Group shares rose 23 cents to $23.88.

The transaction must still pass regulatory approval.

Beverly Hills-based Hilton Hotels operates more than 2,800 hotels around the world. The company generated $8.11 billion (5.85 billion EUR) in revenue last year.