Apollo To Buy Realogy for $6.6B
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In a further sign of private equity’s widening influence over the economy, buyout shop Apollo Management is set to purchase real estate services firm Realogy Corp. for $6.6 billion, company officials said yesterday.
As the holding company for such operations as Coldwell Banker, Century 21 and the Corcoran Group, Realogy is one of the most powerful players in the American residential real estate market, with a hand in one of four brokered U.S. home sales.
That position has put Realogy in a tight bind, given the faltering domestic real-estate market. The company is forecasting sharp revenue declines for the foreseeable future, a bleak outlook that has weighed on its shares since they were first offered to the public in July.
