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Hilton investors approve sale

September 19, 2007|From Times Staff and Wire Reports

Hilton Hotels Corp. shareholders overwhelmingly approved the company's $20.1-billion sale to Blackstone Group, the hotel operator said.

More than 98% of votes cast at a shareholder meeting at the Beverly Hilton hotel favored the buyout, the company said.

Pending approval by the European Commission, the deal is expected to close by the end of October, Hilton said.

Under terms of the buyout, Blackstone would pay Hilton shareholders $47.50 a share in cash. Including assumed debt, the deal is valued at $26 billion.

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