December 18, 2006
Spin Back
Realogy Corporation (NYSE: H), one of the four horsemen of the recent Cendant Corporation spin-off, announced that it has entered into a definitive agreement to be acquired by an affiliate of Apollo Management, L.P. The transaction is valued at approximately $9 billion, which includes the assumption or repayment of approximately $1.6 billion of net indebtedness and other liabilities. More information, and cautionary language, can be found by linking to Realogy’s December 17, 2006 Press Release.
Realogy Corporation is the world’s largest real estate franchisor whose brands and business units include CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, ERA®, Sotheby’s International Realty®, NRT Incorporated, Cartus and Title Resource Group. Realogy became a publicly traded real estate services company listed on the NYSE and a member of the S&P 500 on August 1, 2006, after it was spun off from Cendant Corporation. Before the spin-off, Realogy’s business units and brands operated as part of the Cendant Real Estate Services Division.
This agreement remains subject to approval of the holders of a majority of the outstanding shares of Realogy, and other customary approvals and closing conditions; consummation is anticipated in spring 2007. Realogy is free to solicit alternative proposals from third parties until February 14, 2007 – so if you have $9 billion or so lying around, give Realogy some thought.
Posted by franchiselawblog at December 18, 2006 04:40 PM