SIRVA Worldwide Inc is acquiring Realogy’s global Cartus Relocation business, in a move valued at US$400 million. The deal includes all relocation assets of Realogy’s Cartus subsidiary, but does not include the Cartus Affinity business, which delivers home selling and buying assistance to members of affinity clients; or its broker network of expert agents and brokers.
Oberdorf, SIRVA’s Chairman and CEO, said: ‘SIRVA’s clients will benefit from
access to Cartus’s well-established Broker Network, while SIRVA’s integrated
household good capacity will benefit Cartus customers. We believe the
investments both companies have made in leading-edge technology solutions,
exceptional client service delivery and growth
will allow us to create the industry’s most capable, knowledgeable and accessible relocation management company to best serve our existing and future customers.’
Ryan Schneider, Realogy’s chief executive officer and President, said: ‘The sale of Cartus’s Relocation business is part of Realogy’s strategy to simplify and streamline our company as we strengthen and hone our value proposition.’ The companies expect to finalise the deal in the first half of 2020, subject to regulatory clearances and other conditions.
Read more in the December/January 2020 issue of FIDI Focus.