Realogy buyout update

Realogy Corp. today announced a memorandum of understanding to settle "purported consolidated class-action litigation" that came in response to the December announcement of a proposed buyout by affiliates of private equity firm Apollo Management.

Apollo has proposed a buyout deal by its affiliates worth about $9 billion that would bring Realogy private, and this deal will be the subject of a March 30 vote by shareholders.

In an article about Apollo Management, the New York Times reported that Apollo had "made its name by buying junk bonds" and "found success in scooping companies out of bankruptcy and turning them around for profit."

The company is now a huge player among private equity firms. In addition to the proposed Realogy deal, the company in December also announced another grab worth about $28 billion for casino company Harrah's Entertainment.

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