Industry News

Realogy buyout decided on today

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Realogy shareholders are scheduled to vote this morning on whether to approve a buyout deal worth about $9 billion by an affiliate of private equity firm Apollo Management L.P. The vote, to be held at 10 a.m. Eastern Time at the Hilton Parsipanny, 1 Hilton Court, Parsipanny, N.J., comes less than a year after Realogy Corp. launched as an independent, publicly traded company through a spin-off of Cendant Corp.'s real estate division. Realogy is the largest real estate brokerage company and franchisor, with company-owned and franchise brands including Century 21, Coldwell Banker, Coldwell Banker Commercial, ERA and Sotheby's International Realty. Realogy has had past dealings with Apollo. NRT Inc., a Realogy subsidiary that oversees company-owned brokerage operations, was formed in 1997 through a joint venture by an Apollo Management-affiliated group and HFS Inc., a predecessor to Cendant. It was that deal that powered the company's rapid real estate growth spurt. The proposed Realogy...