Hilton Plans IPO
Hilton Worldwide has filed a proposed initial public offering with the Securities and Exchange Commission. The number of shares that will be offered and price range of the proposed offering were not yet determined. Hilton is seeking to raise up to $1.25 billion in stock, according to the Wall Street Journal. Proceeds from the offering will be used to repay debt and other general corporate purposes.
Hilton had previously been a publicly held company but went private in 2007 with Blackstone Group, which has since turned the hotel company around. Its revenue in 2012 was $9.3 billion, a 15 percent increase from 2010. Deutsche Bank Securities, Goldman, Sachs & Co., BofA Merrill Lynch and Morgan Stanley & Co. act as the joint book-running managers for Hilton’s offering.
For more information visit hilton.com.