Hilton Hotels to Buy U.K. Lodging Business for $5.71 Billion | bloomberg

Hilton Hotels Corp., the third- largest U.S. hotelier, agreed to buy the lodging unit of Britain's Hilton Group Plc for $5.71 billion (3.3 billion pounds) to reunite the businesses and fuel growth overseas. Hilton Hotels is paying 11.3 times adjusted 2006 earnings before interest and taxes, the Beverly Hills, California-based company said today in a statement. The companies first disclosed they were in talks on Oct. 14th.