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Blackstone-backed Hilton eyes $2.4bn IPO

2 Dec 2013

Hilton hotelPrivate equity-backed hotel chain Hilton is looking to raise $2.4bn in what is set to be the biggest IPO in the sector.

The company, which was bought by private equity major Blackstone in a $26.7bn deal in 2007, plans to float 112.8m shares priced at $18 to $21 apiece, according to a filing with US securities regulators.

Hilton could be valued at as much as $20.7bn in the IPO based on the price range.

Deutsche Bank Securities, Goldman Sachs, BofA Merrill Lynch, Morgajn Stanley, JP Morgan and Wells Fargo Securities are acting as bookrunners for the IPO, the filing showed.

The Hilton buyout included $20bn of debt, which was reduced by $4bn via a restructuring in 2010.

The company’s EBITDA is forecast to be 58 per cent higher this year than in 2009 according to a presentation to Blackstone shareholders seen by Reuters.

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