Hilton Hotels Corp. said Thursday it will buy the hotel assets of Britain's Hilton Group PLC for 3.3 billion pounds ($5.7 billion) cash, reuniting two brands that split in the 1960s and creating the world's biggest hotel company. The deal, which had been in the works since October, pushed shares of Hilton Group up as much as 5 percent in trading on the London Stock Exchange. Hilton Hotel shares gained 4.3 percent on the New York Stock Exchange. Under the terms of the deal, Beverly Hills, California-based Hilton Hotel will only acquire the British company's lodging operations. Hilton Group will change its name to Ladbrokes PLC and focus on its online and in-store betting operation, which has hundreds of locations in Europe. The deal is subject to regulatory and shareholder approval on both sides of the Atlantic. Both companies said it was likely to be completed by the first quarter of 2006. Hilton Hotel shares rose 95 cents, or 4.3 percent, to $23.25 in midday trading on the New York Stock Exchange.