The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Herbert Smith has scooped a role on the Blackstone Group's $26bn (£12.8bn) acquisition of the Hilton Hotels Corporation, one of the private equity house's first major transactions since listing on the New York Stock Exchange last month.
Herbert Smith London-based corporate partner James Milne and real estate partner Simon Price advised Blackstone on the UK aspects of the deal. Herbert Smith alliance firm Gleiss Lutz advised Blackstone on German aspects, with partner Jan Bauer leading.
In the US Blackstone received advice from Simpson Thacher & Bartlett M&A partner Brian Stadler. Herbert Smith and Simpson Thacher have longstanding relationships with the private equity house, with the latter advising on its IPO last month (www.thelawyer.com, 22 June).
Hilton received legal advice from Sullivan & Cromwell, with a team led by Los Angeles-based corporate partners Alison Ressler and Patrick Brown. Partner Matthew Friestedt advised on employee benefits, partners Juan Rodriguez, who is based in London, and Theodore Edelman on antitrust, partner Andrew Mason on tax and partner Hydee Feldstein on financing matters.
Under the terms of the deal Blackstone will acquire all the outstanding common stock of Hilton for $47.50 (£23.56) a share. The price represents a premium of 40 per cent over yesterday's (3 July) closing stock price.
The acquisition boosts Blackstone's extensive portfolio of hotels and resorts, with the private equity house already the owner of more than 100,000 hotel rooms in the US and Europe. Brands in the range include Conrad Hotels & Resorts, Doubletree, Embassy Suites, Hampton Inn, Hilton Garden Inn, Hilton Grand Vacations, Homewood Suites by Hilton, and The WaldorfAstoria Collection.