Shares of Hilton Worldwide Holdings Inc. soared 7% in premarket trade Monday, after the hotel operator disclosed a deal in which China's HNA Tourism Group will buy 247.5 million Hilton shares from its largest shareholder, Blackstone Group LP , for $6.5 billion. As part of the agreement, HNA will pay Blackstone $26.25 for each Hilton share, which is 15% above Friday's closing price of $22.91. The deal would make HNA Hilton's largest shareholder, with 25% of the shares outstanding, as Blackstone had owned 452.8 million shares, or 45.75% of the shares outstanding. Hilton expects to appoint two HNA representatives to its board of directors. Blackstone's two representatives will remain on Hilton's board, including Chairman Jonathan Gray. Blackstone's stock gained 1.5% in premarket trade. Hilton shares have have climbed 7.1% year to date through Friday, while Blackstone's stock has tumbled 18% and the S&P 500 has gained 4.8%.
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