China's HNA to buy 25% Hilton stake

Chinese conglomerate HNA Group said Monday it plans to buy a roughly 25% stake in Hilton Worldwide Holdings Inc. from Blackstone Group LP for $6.5 billion, the latest move into American real-estate assets by a Chinese firm. Under the terms of the deal, which will reduce Blackstone’s interest in Hilton to approximately 21%, HNA will pay $26.25 a share in cash for the stake, a 15% premium to Hilton’s closing price of $22.91 on Friday, according to The Wall Street Journal. The move comes as Hilton is expected to later this year split into three distinct entities, the result of a plan to spin off a chunk of its hotels into a real-estate investment trust and to separate its timeshare business.  HNA will own approximately 25% of all three companies.