  Following the detection of a bright new X-ray source, MAXI J1659-152, a
series of observations was triggered with almost all currently flying
high-energy missions. We report here on XMM-Newton, INTEGRAL and RXTE
observations during the early phase of the X-ray outburst of this transient
black-hole candidate. We confirm the dipping nature in the X-ray light curves.
We find that the dips recur on a period of 2.4139+/-0.0005 hrs, and interpret
this as the orbital period of the system. It is thus the shortest period
black-hole X-ray binary known to date. Using the various observables, we derive
the properties of the source. The inclination of the accretion disk with
respect to the line of sight is estimated to be 60-75 degrees. The companion
star to the black hole is possibly a M5 dwarf star, with a mass and radius of
about 0.15 M_sun and 0.23 R_sun, respectively. The system is rather compact
(orbital separation is about 1.35 R_sun) and is located at a distance of
roughly 7 kpc. In quiescence, MAXI J1659-152 is expected to be optically faint,
about 28 mag in the V-band.
