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Hilton shares have surged 20% since the UK leisure group said it might sell its hotels division back in October. Now they’re rising again on news that private equity buyers may snap up the rump: the Ladbrokes betting-shop business. The stock is discounting that both deals will happen – and at high prices. That’s clear from a sum-of-the-parts valuation. US Hilton is said to be prepared to pay £3.6bn for the hotels division, or a lofty 11 times next year’s expected ebitda. Analysts had been expec...