Jul. 15, 2014, 4:15 PM
- 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
Nov. 14, 2013, 11:33 AM
- Wells Fargo reports Realogy (RLGY +3.3%) execs downplayed the possibility their company or a rival would acquire an online real estate platform such as Trulia (TRLA -3.5%) during an investor meeting yesterday.
- Realogy pointed out such an acquisition would likely lead rival real estate brokers to pull their inventory from the acquired company.
- Previous: Trulia jumps following Realogy M&A rumor
Nov. 13, 2013, 3:13 PM
- A rumor that real estate services giant Realogy (RLGY +1.3%) is looking to acquire Trulia (TRLA +8%), perhaps for $52/share, has led Trulia's shares to spike in afternoon trading.
- Zillow (Z +3.9%) is also up strongly on the day. Both Trulia and Zillow were already rallying on what has been a good day for Internet momentum plays.
- 15% of Trulia's float was shorted as of Oct. 31.
Jul. 17, 2013, 2:12 AMApollo Global Management (APO) plans to exit Realogy Holdings (RLGY) by selling its remaining 25.1M shares in the residential brokerage's secondary offering. At Realogy's close yesterday of $49.29, Apollo would earn $1.24B from the sale, having bought the company for $6.8B in 2007. (PR) Meanwhile, Realogy estimates its Q2 EPS at a preliminary $1.03-1.09 vs consensus of $0.68 and net revenue at +17-18% to $1.53-1.54B; home-sale transactions climbed 21%, above the company's May forecast for +14-17%. (PR) | Comment!
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