Hilton's £10b acquistion ‘on track'

31 July 2007 by
Hilton's £10b acquistion ‘on track'

Hilton Hotels Corporation today said its £10b acquisition by private equity firm Blackstone was "on track" as it unveiled a 15% rise in profit for the second quarter.

On 3 July, Hilton agreed to be acquired by Blackstone for $47.50 a share, or about £10b.

Hilton chief executive Stephen Bollenbach said the deal, which is not contingent on financing, is expected to close in the fourth quarter.

"This transaction brings tremendous value to our shareholders and we look forward to bringing it to completion in the next several months," he said.

The company posted a second-quarter net profit of $165m (£81m), compared with $144m (£71m), in the same period a year ago.

Turnover in the quarter rose 4% to $2.09b (£1.03b), boosted by an 8.9% increase in comparable revenue per available room.

London and Birmingham Hilton owners add to portfolio >>

RBS to sell Hilton portfolio for £1.1b >>

£10b Hilton deal will not be the last >>

By Daniel Thomas

E-mail your comments to Daniel Thomas](mailto:daniel.thomas@rbi.co.uk?subject=Hilton's £10b acquistion) here.

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