What Blackstone and Hilton Have Been Doing Behind Closed Doors
Skift Take
Proceeds from the IPO -- the size of which is still to be determined -- would go toward paying down debt. Unlike many other private equity acquisitions where the acquired companies have been hamstrung and loaded down with debt, Blackstone has really rationalized and improved Hilton's global operations.
With Blackstone-owned Hilton Worldwide filing its long-awaited IPO papers earlier today, the curtain has been lifted behind their private-company doings.
On the financial front, Hilton, which was acquired in 2007, has been profitable in the lead-up to today's S-1 statement. Here are some numbers:
For the 12 months ending June 30, 2013, Hilton posted $427 million in net income on $4.03 billion in revenue.
For full-year 2012, Hilton's net income jumped 39.1% to $32 million as revenue increased just 2% to nearly $4 billion.
Hilton states: "Ne
