Chinese aviation and shipping conglomerate HNA Group said on Monday it would buy about 25 per cent of hotel operator and manager Hilton Worldwide Holdings from biggest shareholder Blackstone Group for $6.5 billion.
Shares of Hilton, whose brands include Conrad Hotels & Resorts, Curio and Double Tree as well as Hilton, rose as much as 3.71 per cent to $23.76 in early trading. HNA Group will buy the stake for $26.25 per share, representing a premium of 14.6 per cent to Hilton's closing price on Friday and valuing the hotel company at about $26 billion. Blackstone took Hilton private in 2007 for $26.7 billion, including debt.
