Friday, 28 October 2016
Last updated 1 hour ago
Sep 12 2013 | 11:44am ET
The Blackstone Group aims to raise more than $1 billion selling shares in hotel giant Hilton Worldwide Holdings.
Hilton filed for an initial public offering today, seeking $1.25 billion. The money would go to paying down debt and will allow Blackstone to begin profiting on its $7 billion investment.
The private-equity firm will retain a majority of Hilton's voting shares after the IPO.
It remains unclear how many shares Hilton will sell, or at what price. Bank of America, Deutsche Bank, Goldman Sachs and Morgan Stanley will run the IPO.
Blackstone bought the McLean, Va.-based company in 2007 for $26 billion, including debt. Prior to the IPO, Hilton will refinance some $13.5 billion in debt.