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Blackstone To Sell 25% Stake In Hilton Worldwide To Chinese Group For $6.5B


China’s HNA Group has agreed to purchase a 25% stake in Hilton Worldwide Holdings from Blackstone Group for roughly $6.5B, the two companies have announced.

The Chinese conglomerate will fork over $26.25 a share in cash for the stake, which is 15% more than Hilton’s closing price on Friday. Blackstone—the world’s second-largest hotel operator—will see its interest in Hilton fall to about 21%, Bloomberg reports.

Chinese firms are increasing their global investments in hotels and travel businesses, and HNA is on an acquisition spree. Earlier this year HNA agreed to buy a majority stake in Carlson Hotels in Minneapolis. Hilton shares rose 0.9% to $23.11 before noon following the announcement. The deal is set to close in Q1 2017. [Bloomberg]