Industry News

Cendant pursues sale of travel distribution services

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Cendant Corp., which owns major real estate brands including Coldwell Banker, Century 21 and ERA, has announced that it may choose to sell off its travel distribution services division rather than spin-off the division as a separate company. Cendant officials said in a statement today that the company has retained Citigroup, JPMorgan and Evercore Partners as financial advisors "in connection with the potential sale," and Citigroup and JPMorgan "have developed a financing proposal for qualified buyers." The company had announced in February that it would split into four separate companies: a real estate company, Realogy; a hotel company, Wyndham Worldwide; a car rental company, Avis Budget Group; and a travel distribution services company. The planned launch of Realogy Corp. is still on track, according to the announcement today – that spin-off is planned around June. While the company is considering a sale of TDS, it may also proceed with the spin-off of that division, as previ...