Deal of the year: Blackstone/Morgan Stanley

Even relatively simple deals can be complex when they are big and need to be done quickly - as was the case with the $3.5 billion margin loan Morgan Stanley's equity solutions team arranged for Blackstone last June

joel-carter-morgan-stanley
Joel Carter, Morgan Stanley

In terms of raw numbers, the story of Blackstone's buyout of the Hilton Hotels group appears baffling. The private equity giant led a $26 billion leveraged buyout of the firm at the height of the debt boom in 2007, including an initial $5.6 billion of its own capital. Two years later, with the crisis in full swing, it was facing an unrealised 70% loss on its investment. Yet fast forward to mid-2014, and Blackstone was toasting a paper profit of $12 billion – making the buyout one of the most

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