Seeking Alpha

Realogy to buy ZipRealty for massive premium

  • The online real estate space heats up some more with Realogy's (NYSE:RLGY) all-cash, $166M deal to buy ZipRealty (NASDAQ:ZIPR). The price works out to $6.75 per share vs. today's close of $3.02.
  • The purchase adds ZipRealty's residential brokerage operations with 23 U.S. offices and its integrated real estate technology platform to Realogy's operations. ZIPR last year closed $2.7B in property sales, giving it $76M in revenue and $32M of gross profit. Realogy expects EBITDA contribution from the purchase to be about $20M annually within the next three years.
  • Zillow (NASDAQ:Z+0.3%, TRLA +0.4%, MOVE +0.3% AH
  • Source: Press Release
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