The Hilton Group, the company that owns the NFL’s Buffalo Bills, will merge with its longtime owner, the Hilton Group of Companies, to become Hilton Sportsbook, the second largest apparel retailer in the world.
The combined company, which is owned by Hilton, will be called Hilton Sportsbooks and will have the following assets: The company will continue to operate Hilton hotels and resorts, with Hilton hotels accounting for $2 billion of the total value of the Hilton group, which includes Hilton hotels, hotels and vacation homes, the two largest brands in the United States, according to a statement from the companies.
It will also continue to own and operate sports equipment brands, with the companies holding nearly $500 million in cash.
The combined company will have an annual revenue of $20.9 billion and total net assets of $18.9 million.
The company also will have $1.3 billion in cash, including a $1 billion cash position that is expected to be used for share repurchases.
Hilton and Hilton Sportsbet were acquired by Hilton Group in a transaction valued at $1,065 per share in March.
The deal is expected soon to be finalized and be approved by the U.S. Securities and Exchange Commission, which has been looking into the transaction.
The deal is the second major merger in a few years for Hilton Group.
In January, Hilton Group announced a merger with the world’s largest home goods retailer, Kmart, which had been struggling to break into the U, Europe and Australia markets.
The announcement came just days after Kmart was hit with a $100 million class-action lawsuit from customers of a home goods store it operates in the U., which said it had not paid its employees as required by state law.