Realogy
Realogy (pronounced "rēl′ ə jē", as in "real" estate) is a privately owned company that provides real estate and relocation services. It owns and franchises several of the industry's leading real estate brands and brokerages. Along with its relocation services, it also provides title and settlement services.
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[edit] History
Realogy was created as a result of an October 24, 2005 announcement by Cendant that it had decided to split into four separate companies, citing a necessity to diversify in appealing to stockholders and in an attempt to increase the value of the post-split up company. These four categories include "Real Estate, Travel Distribution, Hospitality and Vehicle Rental Companies."[1]
On July 31, 2006, the separation was completed, and Realogy became a self-operating company[1]. Subsequently, the Cendant name has been completely retired.
On December 18, 2006, Realogy announced it had accepted a $8.5 billion buyout offer from private equity group Apollo Management. The transaction closed on April 10, 2007. Realogy will no longer be listed on the New York Stock Exchange.[2]
Today, Realogy has operations throughout the United States and around the world, with over 15,000 affiliated real estate offices and roughly 315,000 affiliated brokers and agents. Its headquarters is located in Parsippany, New Jersey. In 2006, Realogy earned $6.492 billion in revenue.[3]
On December 2008, bond holder, Carl Icahn, filed suit against the company over a debt exchange plan announced in November.[4]
[edit] Realogy Business Units
- Cartus Corporation
- Title Resource Group www.trgc.com
- Realogy Franchise Group
- NRT (the following are NRT-owned)
- Coldwell Banker
- Coldwell Banker Commercial
- ERA Real Estate
- Sotheby's International Realty
- Corcoran (Corcoran Group Real Estate)
- Citi Habitats New York
- The Sunshine Group, Ltd.
[edit] See also
[edit] References
- ^ a b "Cendant". Cendant. Archived from the original on 2007-03-11. http://web.archive.org/web/20070311014725/http://www.cendant.com/media/pr/press_release.cgi/Corporate/11948. Retrieved 2007-06-04.
- ^ "Apollo Management, L.P. Completes Acquisition Of Realogy Corporation". Realogy. http://www.realogy.com/media/pr/show_release.cfm?id=362. Retrieved 2007-06-05.
- ^ "Realogy Corporation Named To The Fortune 500 As The No. 1 Company In The Real Estate Industry". Realogy. http://www.realogy.com/media/pr/show_release.cfm?id=367. Retrieved 2007-06-21.
- ^ "Icahn sues Realogy over debt deal". Reuters. 2008-11-03. http://www.reuters.com/article/ousiv/idUSTRE4B27IQ20081203. Retrieved 2008-11-04.
[edit] External links
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