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Hilton doubles with Scandic acquisition
Hilton has doubled its estate with the acquisition of Scandic's 154-strong portfolio in Scandinavia. When complete, the £612m cash and share deal means that Hilton will become northern Europe's largest four and five star hotel operator. Hilton's chief executive, David Michels, says the acquisition is an important step in the group's European expansion: We are buying a very good business with plenty of opportunity and, when combined, these two businesses will deliver real benefits to both shareholders and customers. Scandic president, Roland Nilsson, says the combination of Hilton's global strength and Scandic's regional position creates 'significant scope for revenue synergies'. Some 20 of the 133 hotels in Scandinavia will be rebranded as Hilton, along with 17 hotels in northern Europe.
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