Industry News

Shareholders approve Realogy buyout

Proposed $9 billion deal subject to other conditions

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Realogy Corp. today announced that its shareholders approved the company's acquisition by an affiliate of private-equity firm Apollo Management L.P. in a deal worth about $9 billion. The company's stock is expected to cease trading on the New York Stock Exchange on or about April 10, the company announced, when the deal is closed. The transaction is subject to other "customary conditions to closing," the company announced. In a U.S. Securities and Exchange document related to the proposed merger agreement, Realogy officials noted that the agreement was subject to regulatory review, including antitrust reviews. In addition to the shareholders' approval, the agreement provides that there cannot be an "order, injunction, decree or other legal restraint or prohibition preventing the consummation of the merger; and no governmental entity will have filed any action seeking to enjoin, restrain or otherwise prohibit the merger" in order for the deal to be finally approved. Also, "...