The Blackstone Group L.P. (NYSE:BX), one of the world’s largest private equity firms with $70 billion in assets under management revealed its plan to reduce its stake in Hilton Worldwide Holdings Inc (NYSE:HLT).
Blackstone to reduce Hilton stake to around 55%
Alight Capital Management declined 1.3% on a net basis for the first quarter of 2022, according to a copy of the firm's quarterly update, which ValueWalk has been able to review. Short positions offset most of the losses on the long side of the portfolio. The long/short equity fund exited the quarter with a net Read More
The Blackstone Group L.P. (NYSE:BX) is the largest shareholder of Hilton Worldwide Holdings Inc (NYSE:HLT) with 66% stake. The private equity firm acquired its position in the hotel and resorts operator for approximately $25 billion in debt and equity in 2007.
The Blackstone Group L.P. (NYSE:BX) intends to reduce its stockholding in Hilton Worldwide Holdings Inc (NYSE:HLT) by approximately $2.6 billion through the offering of around 103.5 million shares. The private equity firm sold the same amount of shares during the expiration of the lockup period for Hilton’s IPO last summer.
The stake of Blackstone Group L.P. (NYSE:BX) in Hilton Worldwide Holdings Inc (NYSE:BX) will be around 55% after completing the sale of its shares in the company.
The shares of Hilton Worldwide Holdings Inc (NYSE:BX) are trading at $25.45 per share, slightly up at the time of this writing around 1:28 in the afternoon in New York.
Blackstone and PAI Partners to Sell United Biscuits
Separately, Blackstone Group L.P. (NYSE:BX) and PAI Partners agreed to sell United Biscuits, the leading biscuits manufacturer and marketer in United Kingdom to Yildiz Holding. The private equity firm did not disclose the details of the transaction.
Lionel Assant, Blackstone’s head of private equity in Europe said, “United Biscuits is a great business and has been an excellent investment for us. Yildiz is the best home for the company and will allow UB to fulfil its international growth ambitions.”
On the other hand, Martin Glenn, CEO of United Biscuits said, “We look forward to being part of Yildiz as we continue to fulfil our growth potential both in the UK and abroad where we are looking to expand our share of the biscuit and snacking markets and where there is huge potential for all our brands. I would like to thank Blackstone and PAI for their support. They have been instrumental in helping grow the company over the last few years.”
United Biscuits is also the second largest biscuit manufacturer in Belgium, France, Ireland and Netherlands. Its popular brands included McVitie’s, Penguin, go ahead!, Jacob’s, Jacob’s Cream Crackers and Twiglets among others. The company operates 16 manufacturing facilities.