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by CareyBot

Cendant Corp. today announced it has acquired the residential real estate brokerage operations of Sotheby's International Realty and entered into an agreement with Sotheby's for a 100-year term. The term consists of an initial 50-year term and a 50-year renewal option, whereby Cendant will license the Sotheby's International Realty brand in exchange for a licensing fee to Sotheby's. The total cash purchase price for the company-owned real estate brokerage operations, as well as the license agreement, was approximately $100 million, plus an ongoing license fee based on future royalties from the development of the Sotheby's International Realty franchise system and company-owned operations. Sotheby's International Realty will operate under two business units. The company-owned resident...