Industry News

Cendant to split into four public companies

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Cendant, the real estate franchise giant that also has businesses in travel and hotel services, today said it would split the corporation into four independent, publicly traded companies. The new companies will consist of one each for Cendant's real estate, travel distribution, hospitality and vehicle rental businesses. Cendant said the breakup is aimed at boosting its stock value. "Creating four strong and focused pure-play companies is the best way to unlock the full value of Cendant's businesses for the benefit of our shareholders in both the short and long term," Cendant Chairman and CEO Henry R. Silverman said in a statement this morning. "All of our businesses have done well, yet despite Cendant's consistently strong operating and financial performance in recent years, the market has not fully recognized the value of the company," Silverman added. Following the breakup, Silverman will continue to lead the travel distribution company and serve as non-executive chairman of the ne...