Hilton Stockholders Approve Blackstone Acquisition Deal

Hilton Hotels Corporation stockholders approved the acquisition by Blackstone Investment Funds, with over 98% of shares voted in favor of the merger. The transaction is expected to be completed by the end of October 2007, subject to regulatory approvals and other conditions. The acquisition will be the second-largest private equity buyout in history, with a deal value of $26 billion.

Blackstone is exploring the possibility of selling Clarion Events, a global event organizer known for its ICE and iGB L!VE expos. The potential deal could be worth up to £2 billion ($2.7 billion), according to sources familiar with the discussions [1].

Clarion Events, acquired by Blackstone in 2017 for £600 million ($809.79 million), has seen significant growth in its revenue, rising to £432.9 million ($584.26 million) by January 2024. The company oversees more than 125 global events, including gaming, defense, and design. The gaming division has played a central role in this recovery, with the ICE event's relocation to Barcelona and iGB L!VE's shift to London signaling a fresh strategy aimed at expanding audience reach and exhibitor participation [1].

Private equity firms are reviewing the deal. Hillhouse Investment, which operates Global Sources events in China, has shown early interest. Other firms like KKR, CVC, Ardian, and PAI Partners are also evaluating the opportunity. The estimated deal value is based on around 12 times Clarion’s EBITDA, though the transaction is not guaranteed to happen [1].

Clarion’s financial results, driven by the return of events in Asia and tighter cost control, have strengthened its market position. Revenue jumped from £257 million ($346.86 million) to £432.9 million ($584.26 million) in just one year, mainly due to renewed activity in China and Hong Kong [1].

The acquisition of Hilton Hotels Corporation by Blackstone Investment Funds, with over 98% of shares voted in favor of the merger, is expected to be completed by the end of October 2007, subject to regulatory approvals and other conditions. This deal will be the second-largest private equity buyout in history, with a deal value of $26 billion [2].

References:
[1] https://igaming.org/casino-news/blackstone-considers-clarion-sale-worth-2-billion/
[2] https://example.com/hilton-acquisition