(RTTNews) - Realogy Holdings Corp. (RLGY) and SIRVA Worldwide, Inc., a subsidiary of SIRVA, Inc., have reached an agreement under which SIRVA will acquire Realogy's global Cartus Relocation business. The deal is valued at $400 million. Realogy will receive $375 million in cash at closing, and a $25 million deferred payment. Realogy intends to use a substantial majority of the proceeds to pay down corporate debt and use the balance to reinvest in the business.
Tom Oberdorf, SIRVA's CEO, said: "SIRVA's clients will benefit from access to Cartus's well-established Broker Network, while SIRVA's integrated household goods capacity will benefit Cartus customers."
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