Private-equity firm Blackstone Group said Wednesday that its $20 billion takeover of hotel operator Hilton Hotels Corp. has been completed.
Per the agreement announced in July, shareholders in the Beverly Hills-based hotel chain owner and operator will receive $47.50 in cash for each share they held when the deal closed, Blackstone said.
As a result of the takeover, Hilton's stock will stop trading on the New York Stock Exchange and be delisted at the close of market on Wednesday.
Hilton shares rose 8 cents to $47.48 in afternoon trading. Blackstone shares fell 36 cents to $26.
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