Industry News

Cendant’s sale of Travelport will slash Realogy’s debts

Cendant board approves spin-off of Realogy, Wyndham units

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Cendant Corp. is moving forward with a spin-off its Realogy Corp. and Wyndham Worldwide Corp. subsidiaries, and will relieve the companies of much of their indebtedness through the sale of its Travelport unit. Cendant Corp.'s board Thursday approved the spin-offs of its real estate and hospitality units, a plan put forward in February. The spin-off will be accomplished by distributing all of the common stock of Realogy Corp. and Wyndham Worldwide Corp. to Cendant shareholders. Cendant shareholders will receive one share of Realogy for every four shares of Cendant stock they own at the close of business on July 21, and one share of Wyndham Worldwide for every five shares of Cendant common stock held on the same date. Realogy Corp. -- the world's largest residential real estate brokerage franchisor and a provider of title and settlement services -- includes under its umbrella Century 21, Coldwell Banker, Coldwell Banker Commercial, ERA, and Sotheby's International Realty. Realogy has...