Home › Business › Business
Shareholders OK Hilton Hotels sale
STORY TOOLS 
More from BusinessLOS ANGELES (AP) — Hilton Hotels Corp. shareholders overwhelmingly approved the company's $20.1 billion sale to the Blackstone Group LP, the hotel operator said Tuesday.
More than 98 percent of votes cast at a special shareholders meeting at the Beverly Hilton Hotel favored the buyout, the company said.
Pending approval by the European Commission, the deal is expected to close by the end of October, Hilton 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.
Shares of Hilton rose 37 cents to $46.35 Tuesday after trading as high as $46.45. Shares of Blackstone were up 90 cents, or 3.8 percent, to $24.55. Beverly Hills-based Hilton Hotels operates more than 2,800 hotels around the world.
Article discussions on this site are to support community debates of issues related to our stories and editorials.
Discussions should not stray from the subject of the story or editorial.
We do not allow the following:
- Posts that degrade others on the basis of gender, race, class, ethnicity, national origin, religion, sexual orientation or disability.
- Disparaging remarks, abusive language or obscene comments.
- Threats, whether obvious or veiled.
We reserve the right to delete threads and/or ban users for these or other reasons we deem necessary.
Opinions are the sole responsibility of the person posting them. You agree not to post comments that are off topic, defamatory, obscene, abusive, threatening or an invasion of privacy. Violators may be banned. Click here for our full user agreement.
Comments are found beneath the Yahoo! ad below.