Apollo to Acquire Realogy for $6.65 Billion
Real estate brokerage Realogy said it is being acquired by an affiliate of private equity firm Apollo Management for about $6.65 billion in cash.
The deal also includes about $1.6 billion in debt and legacy contingent and other liabilities of roughly $750 million.
Realogy stockholders will receive $30 per share in cash at closing, an 18% premium over the stock's closing price of $25.50 on the New York Stock Exchange on Friday.
Realogy can entertain other proposals from third parties until Feb. 14, 2007.
Realogy Chairman and Chief Executive Henry R. Silverman is expected to stay in his current positions until his contract expires on Dec. 31, 2007. He is anticipated to be succeeded by Realogy Vice Chairman and President Richard A. Smith.
The transaction is expected to close during the spring of 2007, subject to a shareholder vote, antitrust and insurance approvals and other customary closing conditions.
Realogy's stock will no longer list on the NYSE after the deal is completed.