(Reuters) – Hilton Worldwide Holdings Inc (HLT.N), the world’s largest hotel operator, said Blackstone Group LP (BX.N) would reduce its stake in the company by 14 percent to about 57 percent.
Blackstone, Hilton’s largest shareholder, will sell 90 million of the company’s shares, Hilton said on Monday.
The shares are worth $2.27 billion, based on Hilton’s closing price of $25.24 on Friday. The stock was down just under 1 percent at $25.02 in morning trading on Monday.
Blackstone had a stake of 66 percent, valued at $15.10 billion, in Hilton as of June 30, according to a U.S. Securities and Exchange Commission filing.
Blackstone took Hilton private in 2007 for $26.7 billion, including debt, in one of the largest leveraged buyouts before the 2008 global financial crisis.
Hilton went public last December with its initial public offering raising roughly $2.34 billion. Blackstone funds did not sell any shares in that offering.
Hilton’s statement on Monday did not say why Blackstone was selling part of its stake.
The underwriters will have a 30-day option to purchase up to an additional 13.5 million shares, Hilton said.
Deutsche Bank Securities, Goldman Sachs & Co, BofA Merrill Lynch, Morgan Stanley, JP Morgan, Citigroup, Credit Suisse and Wells Fargo Securities are the joint book-running managers for the offering.
Up to Friday’s close, Hilton’s stock had risen about 26 percent since its IPO.