Hilton's purchase by Blackstone valued at $26B—in cash

BEVERLY HILLS Calif. Hilton Hotels Corp. said it has signed a definitive agreement to be acquired by The Blackstone Group in an all-cash transaction valued at $26 billion.

The acquisition would greatly bolster Blackstone's hotel portfolio, which already includes such showcase properties as The Boulders in Scottsdale, Ariz., the El Conquistador in Fajardo, Puerto Rico and The London in New York, which hosts Gordon Ramsay's namesake restaurant. The deal would

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