2008年，希尔顿酒店（Hilton Worldwide）宣布了信贷危机和随后的金融风暴发生前最后一项巨额收购交易。上周，这家公司又表示，它正在计划重返股市。

    希尔顿已经提交了注册文件，首发上市规模为12.5亿美元，主承销商包括德意志银行（Deutsche Bank）、高盛（Goldman Sachs）、美银美林（BoA Merrill Lynch）和摩根士丹利（Morgan Stanley）。希尔顿没有公开披露它的证券代码，也没有说明计划在哪家证券交易所挂牌。

    2007年夏天，黑石集团（Blackstone Group）斥资260亿美元（约合1600亿元人民币）对这家酒店巨擘实施了私有化。和宣布私有化之前希尔顿的平均股价相比，私有化价格具有40%的溢价。此后，希尔顿经历了一系列困难——有些和公司本身有关（大量与收购有关的债务），有些则是外部因素（旅游业滑坡，房地产市场暴跌等）。

    但初看上去，希尔顿的首发申请文件表明情况有了明显好转。在截至2012年6月30日的财年中，希尔顿实现收入94亿美元（579.04亿元人民币），高于2010财年的81亿美元（498.96亿元人民币）。三年来，这家公司的净利润稳步增长，而负债已经下降。举例来说，截至2013年6月30日，希尔顿披露的长期债务为142.8亿美元（879.65亿元人民币），而一年前这个数字还高达157亿美元（967.12亿元人民币）。在这期间，它调整后息税折旧摊销前利润已从8.87亿美元（54.64亿元人民币）增至10.4亿美元（64.06亿元人民币）。（财富中文网）

    译者：Charlie

    Hilton Worldwide was the last mega-buyout to be announced before the 2008 credit crunch and ensuing financial crisis. This morning it announced plans to return to the public markets.

    Hilton has filed registration documents for a $1.25 billion IPO, with Deutsche Bank (DB), Goldman Sachs (GS), BoA Merrill Lynch (BAC) and Morgan Stanley (MS) listed as lead underwriters. It did not publicly disclose either a ticker symbol or on which exchange it plans to trade.

    The hotel giant was taken private by The Blackstone Group (BX) in the summer of 2007 for $26 billion, at a share price that represented a 40% premium to where Hilton had been trading the day before its deal announcement. Since then it has weathered a variety of challenges -- some of its own making (lots of buyout-related debt) and some external (tourism declines, real estate meltdown, etc.).

    But a cursory glance at its IPO docs suggest a strong rebound. Hilton reports $9.4 billion in revenue for the year ending June 30, 2012, compared to $8.1 billion for calendar year 2010. Net income has increased steadily over each of the past three years, while debt has declined. For example, the company reports $14.28 billion in long-term debt as of June 30, 2013, compared to $15.7 billion on June 30, 2012. Adjusted EBITDA over that same period increased from $887 million to $1.04 billion.