Davis Polk and Simpson Thacher check in for $1.25bn Hilton IPO
Davis Polk & Wardwell and Simpson Thacher & Bartlett have advised on hotel operator Hilton Worldwide's plans for an initial public offering (IPO). The hospitality company, which is owned by private equity firm Blackstone Group, is hoping to raise up to $1.25bn (£790m) through the listing, the proceeds of which will be used to pay down debt and for general corporate purposes.
September 12, 2013 at 12:14 PM
2 minute read
Davis Polk & Wardwell and Simpson Thacher & Bartlett are taking the lead roles on hotel operator Hilton Worldwide's plans for an initial public offering (IPO).
The hospitality company, which is owned by private equity firm Blackstone Group, is hoping to raise up to $1.25bn (£790m) through the listing, the proceeds of which will be used to pay down debt and for general corporate purposes.
In a securities filing, Hilton did not disclose how many shares would be offered or the anticipated price range.
A New York Simpson Thacher team led by corporate partner Joshua Bonnie is advising Hilton Worldwide, working alongside company general counsel and former Goodwin Procter lawyer Kristin Campbell.
Simpson Thacher previously advised Blackstone on the group's $26bn (£16bn) go-private acquisition of Hilton Worldwide in 2007, one of the largest leveraged buyout deals before the global financial crisis.
Bonnie also advised Blackstone on its IPO, which raised $4.13bn when it floated a 12.3% stake in its ownership in 2007, in what was the year's largest listing in New York.
Meanwhile, the deal underwriters to Hilton – Deutsche Bank, Goldman Sachs, BoA Merrill Lynch and Morgan Stanley – have turned to Davis Polk capital markets partner Michael Kaplan and corporate partner John Meade.
The white shoe firm has taken roles on a string of high profile mandates in recent days, including advising Tesco in its disposal of its US Fresh & Easy chain to Yucaipa, and as counsel to the underwriters to Verizon's $49bn (£31bn) US bond issue, the largest corporate debt sale in history.
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