Hilton +7% as China's HNA Group buys 25% stake from Blackstone

• The deal is valued at about $6.5B, or $26.25 per share in cash vs. Hilton's (NYSE:HLT) close Friday of $22.91. The sale - expected to close early next year - will cut Blackstone's (BX) stake in Hilton to about 21%.
• HNA will also own about 25% of Hilton's previously announced planned spinoffs of Park Hotels and Hilton Grand Vacations.
• As part of the deal, HNA will appoint two directors (one from HNA, and one independent) to Hilton's board, bringing the board's size to ten.
• HLT +6.95% premarket