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Mumbai: Private equity
firm Blackstone Group received permission from the European Commission for its
$26 billion acquisition of Hilton Hotels Corp. "Given
the modest presence of Blackstone and Hilton as well as the existence of strong
competitors on the market for hotel accommodation in these cities (Dresden and
Mainz, Germany), the proposed transaction would not give rise to competition concerns
on this market," the commission said in a statement. Under
the terms of the deal, Blackstone would pay $47.50 for each share of Hilton, one
of the world''s most prominent hotel names, valuing Hilton at about $20 billion
excluding debt. Hilton
Hotels Corporation is the leading global hospitality company, with 2,896 properties
totaling approximately 490,000 rooms in 76 countries and territories. The
company owns, manages or franchises a hotel portfolio of some of the best known
and highly regarded brands, including Hilton, Conrad Hotels & Resorts, Doubletree,
Embassy Suites Hotels, Hampton Inn, Hampton Inn & Suites, Hilton Garden Inn,
Hilton Grand Vacations, Homewood Suites by Hilton and The Waldorf-Astoria Collection.
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