Hotel operator Hilton Worldwide Inc, owned by private equity firm Blackstone Group LP, will increase the size of its initial public offering to about $2.25 billion, which will let its preferred shareholders sell about $1 billion of stock, according to a source familiar with the matter. The company expects to file with regulators for the new terms of the IPO in the first week of December, with the offering expected later in the month, the source said.The source did not want be identified because the filing on the new terms has not yet been made public.The news was previously reported by Bloomberg News.Blackstone took Hilton private in 2007 in a $26.7 billion deal, which was one of the largest leveraged buyouts that preceded the 2008 global financial crisis. In September, Hilton filed for an IPO to raise $1.25 billion.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 1.29% or $0.34/share to $26.63. In the past year, the shares have traded as low as $14.32 and as high as $28.73. On average, 4645900 shares of BX exchange hands on a given day and today's volume is recorded at 1110895.
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