The real estate and energy sectors led the M&A parade last week with six of the top deals coming from those two industries. Three of the top M&A deals were in the real estate sector including the largest deal of the week — Blackstone Group LP's $26 billion leveraged buyout of Beverly Hills, Calif., giant Hilton Hotels Corp.
Raising $4.14 billion in its June 22nd initial public offering, Blackstone wasted no time getting back to dealmaking by agreeing to pay $47.50 per share in cash for Hilton. The price is a 32% premium to Hilton's July 5 closing price of $36.05. Blackstone now has a portfolio that spans 2,935 properties with about 501,000 rooms. The New York buyout firm will also assume $18.5 billion for Hilton's stock as well as $7.5 billion of debt.
Meanwhile, the two other big M&A-related real estate deals include Tishman Speyer Properties and GE Real Estate Corp.'s purchase of a portfolio of properties in Chicago from Equity Office Properties Trust for $2.7 billion, as well as Irish tycoon Derek Quinlan 's Quinlan Private Ltd. and Propinvest Holdings Ltd. joint $2 billion purchase of Citigroup Inc.'s Canary Wharf headquarters in London.
The energy sector also was well represented on last week's top M&A acquisitions led by Linn Energy LLC's $2.05 billion deal for the exploration and production operations in the midcontinent basin of Dominion Resources Inc.
For a full look at last week's deals of the week charts and other listings, check out our Deals of the Week subchannel on TheDeal.com. —Gerald Magpily
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