Private equity firm Blackstone has completed its $26b (£12.69b) takeover of Hilton Hotels Corporation (HHC).

The deal, which was announced on 3 July, sees Blackstone taking on more than 2,800 properties and 480,000 rooms in the Hilton family of brands.

In doing so, the company - owner of Center Parcs, restaurant group Tragus and Madame Tussauds Group in the UK – has become the world's largest hotelier, controlling about 600,000 rooms.

Under the terms of the deal, cleared by the European Commission earlier this week Blackstone will pay HHC shareholders $47.50 (£23.16) per share in cash, valuing the hotel group at about $20b (£9.8b) excluding debt.

As a result of the merger, HHC’s shares will cease trading on the New York Stock Exchange.

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By Daniel Thomas

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