Hilton Group says deal with Hilton Hotels likely |
|
|
Published
:
Thu, 22 Dec 2005 14:05
|
LONDON: British hotels group Hilton Group Plc. is all set to conclude a deal with its U.S. namesake Hilton Hotels Corporation, which has bid for the former's hotel assets. A deal is imminent, according to sources, and a Hilton Group spokesperson confirmed that talks are at an advanced stage.
The deal, once it goes through, will unify the U.S. and British brands for the first time after the U.K. group split from the U.S. company in the 1960s. The U.S. arm had then concentrated on North American operations, while the British unit had been operating internationally. It will also pave the way for the sale of the Ladbrokes betting and gaming division.
The group confirmed reports that it has received expressions of interest in Ladbrokes, but it would want to complete its talks with Hilton Hotels before it took any action on Ladbrokes. It said its board has great confidence in the future of Ladbrokes. "Hilton remains focused on concluding its negotiations with Hilton Hotels Corporation in relation to the sale of the Hilton International hotels division for the benefit of shareholders."
Names of BC Partners Ltd, Blackstone Group LO and CVC Capital Partners are being mentioned as bidders for Ladbrokes.
London-based Hilton Group had said in October that it planned to sell its hotel business, which is valued by analysts at around 3.6 billion pounds. Such a deal would leave it with Ladbrokes, which it can think of floating on the stock exchange.
It operates around 400 hotels outside the United States and more than 2,100 Ladbrokes betting shops in Britain.
|
|
|
|
|
|
|
| Stock
Quotes * |
|
NASDAQ
|
|
1449.80 |
+51.73 (
3.63 %)
|
| SYMBOL (
2008-12-02 ) |
| LAST |
CHANGE
|
|
CARNIVAL
(
11:35am )
|
|
1347.00 |
+51.00 (
4.02 %)
|
| SYMBOL (
2008-12-02 )
|
| LAST |
CHANGE
|
|
IBM
(
4:01pm ) |
|
79.84 |
+2.94 (
3.78 %)
|
| SYMBOL (
2008-12-02 )
|
| LAST |
CHANGE
|
|
GOOGLE
(
4:00pm ) |
|
275.11 |
+9.12 (
3.37 %)
|
|
|
Print this Story
Hilton Group may be acquired by US-based Hilton Hotels Corp. 