Coldwell Banker parent sold for nearly $6.7B

Realogy, the former real estate arm of Cendant and parent of Coldwell Banker and Sothebys, sells itself to private-equity firm Apollo Group.


NEW YORK (REUTERS) -- Realogy Corp., the former Cendant real estate company known for its Coldwell Banker franchise, said Sunday that it would be sold for about $6.65 billion to private equity firm Apollo Group.

Realogy (Charts), one of the world's largest residential real estate brokerage firms, was spun off from Cendant in August as part of that company's decision to break itself up into four companies. Cendant has since changed its name to Avis Budget Group Inc.

The company said that the deal was worth about $9 billion, including debt of $1.6 billion. It also said that it was taking on other liabilities of $750 million.

Realogy said Apollo would pay $30 per share, or an 18 percent premium over Friday's market close of $25.50, and a premium of 26 percent over Realogy's average closing share price since its spin-off from Cendant on Aug. 1.

Realogy also owns Century 21 and Sotheby's International Realty. The company said it expects Chief Executive Henry Silverman to stay on through his current contract or Dec. 31, 2007.  Top of page

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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.