Blackstone (BX) has agreed to buy Hilton Hotels (HLT) for $47.50 a share, a premium of about 40% of where the stock traded two days ago. The total purchase price is over $26 billion.
According to the FT: "The acquisition gives Blackstone, whose 2,800 hotels include brands such as Hilton, Doubletree, Embassy Suites, Hampton Inn, Homewood Suites and The Waldorf-Astoria Collection, just under 500,000 hotel rooms."
Oddly enough, the stock ran up from $33.85 at yesterday’s close to to finish the day at $36.05.
Must just be a coincidence.
Douglas A. McIntyre
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