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Realogy to sell its global relocation business in $400M deal

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Realogy Holdings (NYSE:RLGY) agrees to sell its Cartus Relocation business to Sirva Worldwide in a transaction valued at $400M.

Expected to close in H1 2020.

Sirva is a portfolio company of investment funds managed by private equity firm Madison Dearborn Partners.

The deal doesn’t include the Cartus Affinity business, which delivers home selling and buying assistance to members of affinity clients, nor its broker network, made up of expert agents and brokers from Realogy’s residential real estate brands and certain independent real estate brokers.

Realogy will get $375M in cash at closing and a $25M deferred payment.

Realogy plans to use proceeds to pay down corporate debt and use the rest to reinvest in the business.

Source: M A News on Seeking Alpha