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.