Thursday, 5 May 2016
Last updated 19 hours ago
Dec 21 2006 | 10:22am ET
Apollo Management has entered into a definitive agreement to acquire real estate franchiser Realogy Corporation in a transaction valued at approximately $9 billion. The deal includes the assumption or repayment of approximately $1.6 billion of debt and other liabilities of approximately $750 million.
Under the terms of the agreement, Realogy stockholders will receive $30 per share in cash at closing. In addition, the total transaction value represents a multiple of approximately 11 times the mid-point of the Realogy's previously released 2006 EBITDA guidance before restructuring and spin-off-related costs, and approximately 12 times the consensus Wall Street estimate of 2007 Realogy EBITDA, accroding to the company.
Realogy may solicit alternative proposals from third parties until Feb. 14.