Sullivan and Simpson secure $26bn Hilton buy-out
Elite New York law firms Sullivan & Cromwell and Simpson Thacher & Bartlett have scooped lead roles of the latest private equity mega-deal in the US - Blackstone's $26bn (£12.9bn) takeover of Hilton Hotels. Sullivan is acting for the hotel group on the deal, which was announced yesterday (3 July), with Los Angeles-based corporate partners Alison Ressler and Patrick Brown spearheading the team.
July 04, 2007 at 08:40 AM
1 minute read
Elite New York law firms Sullivan & Cromwell and Simpson Thacher & Bartlett have scooped lead roles of the latest private equity mega-deal in the US – Blackstone's $26bn (£12.9bn) takeover of Hilton Hotels.
Sullivan is acting for the hotel group on the deal, which was announced yesterday (3 July), with Los Angeles-based corporate partners Alison Ressler and Patrick Brown spearheading the team.
Hilton is the biggest hotel group in the world and a deal would give Blackstone ownership of around 2,800 hotels.
Simpson Thacher is advising regular client Blackstone on the takeover. The instruction is the latest in a line of top mandates the Manhattan firm has secured for the client in recent years. It also advised on the private equity house's landmark initial public offering (IPO) in March, worth $4.8bn (£2.4bn) and is acting for buy-out giant Kohlberg Kravis Roberts & Co on its own $1.25bn (£620m) IPO this week.
Meanwhile, Herbert Smith grabbed a slice of the action on the Hilton deal, advising Blackstone on UK aspects, with corporate partner James Milne and real estate partner Simon Price spearheading the team for the City giant.
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