CHINA'S HNA TO BUY 25 PERCENT STAKE IN HILTON FOR $6.5 BILLION
Chinese aviation and shipping conglomerate HNA Group said on Monday it would buy about 25 percent of hotel operator and manager Hilton Worldwide Holdings Inc from biggest shareholder Blackstone Group LP 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 percent to $23.76 in early trading. HNA Group will buy the stake for $26.25 per share, representing a premium of 14.6 percent to Hilton's closing price on Friday and valuing the hotel company at about $26 billion.