Blackstone gets EU nod for $26 billion acquisition of Hilton Hotels

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.