Industry News

Realogy announces acquisition agreement with equity firm

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An affiliate of private equity firm Apollo Management L.P. has entered into an agreement to acquire real estate brokerage giant Realogy -- formerly the real estate arm of Cendant Corp. -- in a deal valued at about $9 billion. The proposed transaction, which was approved unanimously by a special committee of the company's board of directors, includes the assumption or repayment of about $1.6 billion of net indebtedness, and legacy contingent and other liabilities of about $750 million, according to the announcement. The transaction is subject to a vote of the holders of a majority of the outstanding shares of Realogy, to antitrust and insurance approvals, and to other customary closing conditions, the company reported. Realogy and Apollo expect to consummate the transaction in spring 2007. Several private equity firms were interested in a takeover of the company, the New York Times had earlier reported, and analysts had reportedly said that the company's buy-back of about 20 percent o...