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Hilton Group shareholders back £3.3b sale of hotels arm

27 January 2006

Hilton Group shareholders have backed the gaming and hospitality group's £3.3b sale of its hotels arm to American Hilton Hotel Corporation (HHC).

The plan to sell Hilton International and to rename the Hilton Group Ladbrokes plc after the sale, drew one billion votes of support and just 1.5 million in opposition.

The deal is expected to complete on or after the announcement of Hilton Group's preliminary results in late February, when the company will also reveal the value of capital to be returned to shareholders.

Current group chief executive David Michels and deputy group chief executive Brian Wallace will cease to have any involvement with the new Ladbrokes group.

They will instead act as consultants to HHC for up to three years to ensure a smooth merger.

Ian Carter will remain in the UK to head up Hilton International as chief executive officer, reporting to HCC chairman Stephen Bollenbach.

By Angela Frewin

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Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

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