LONDON – Britain's Hilton Group Plc. on Thursday agreed to sell its hotels to its U.S. namesake Hilton Hotels Corp for 3.3 billion pounds ($5.7 billion) in an expected deal leaving the UK group with its gambling business Ladbrokes.
In mid-October, the UK Hilton (HG.L) first announced it had received an offer from the U.S. Hilton (HLT) which sources close to the deal then said valued the UK company's hotels at 3.6 billion pounds, but the UK Hilton then sold around 400 million pounds worth of hotel assets.
The deal will reunite the Hilton brand after more than 40 years after the Hilton business split in 1964 with the U.S. company running all Hilton hotels in the U.S. and the UK group operating the brand elsewhere around the world.
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