Forbes magazine reports today that Cendant will spin-off its Wright Express unit for potential revenue of $1 billion. This move comes as Cendant focuses its business on its core travel and real estate markets. Last year, the company presented an IPO for Jackson Hewitt, the franchisor of tax preparation service businesses. Wright Express offers business and marketing services for commerical and government automotive fleets. The New York Times said that this divestiture would likely end the company's efforts to shed its assets as it streamlines its services.
Posted by franchiselawblog at November 23, 2004 09:32 AM