EX-99.1
2
pressrelease.htm
PRESS RELEASE RE: SALE OF MARKETING SERVICES DIVISION
Press Release Re: Sale of Marketing Services Division
Exhibit
99.1
Cendant
Corporation Completes Previously
Announced
Sale of Marketing Services Division
Total
Consideration of Approximately $1.8 Billion
NEW
YORK, October 17, 2005 -
Cendant
Corporation (NYSE:
CD) today
announced that it has completed the previously announced sale of the companies
that comprise its Marketing Services Division to Affinity Acquisition Holdings
LLC, an affiliate of Apollo Management, L.P., for approximately $1.8 billion of
total consideration, of which approximately $1.7 billion was in cash, net of
estimated closing adjustments, and the balance was in preferred stock and
warrants. The Company expects to record a gain on sale of these businesses in
excess of $1 billion, pre-tax.
The
expected sale of this division to Affinity Acquisition Holdings LLC was
originally announced on July 26, 2005.
About
Cendant Corporation
Cendant
Corporation is primarily a provider of travel and residential real estate
services. With approximately 85,000 employees, New York City-based Cendant
provides these services to business and consumers in over 100 countries. More
information about Cendant, its companies, brands and current SEC filings may be
obtained by visiting the Company's Web site at http://www.cendant.com.
Cendant
Media Contacts:
Elliot
Bloom
(212)
413-1832
Cendant
Investor Contacts:
Sam
Levenson
(212)
413-1834
Henry A.
Diamond
(212)
413-1920
Apollo
Management, LP Media/Investor Contact:
Steven
Anreder
(212)
532-3232

EX - 99 . 1 2 pressrelease . htm PRESS RELEASE RE : SALE OF MARKETING SERVICES DIVISION Press Release Re : Sale of Marketing Services Division Exhibit 99 . 1 Cendant Corporation Completes Previously Announced Sale of Marketing Services Division Total Consideration of Approximately $ 1.8 Billion NEW YORK , October 17 , 2005 - Cendant Corporation ( NYSE : CD ) today announced that it has completed the previously announced sale of the companies that comprise its Marketing Services Division to Affinity Acquisition Holdings LLC , an affiliate of Apollo Management , L . P . , for approximately $ 1.8 billion of total consideration , of which approximately $ 1.7 billion was in cash , net of estimated closing adjustments , and the balance was in preferred stock and warrants . The Company expects to record a gain on sale of these businesses in excess of $ 1 billion , pre - tax . The expected sale of this division to Affinity Acquisition Holdings LLC was originally announced on July 26 , 2005 . About Cendant Corporation Cendant Corporation is primarily a provider of travel and residential real estate services . With approximately 85,000 employees , New York City - based Cendant provides these services to business and consumers in over 100 countries . More information about Cendant , its companies , brands and current SEC filings may be obtained by visiting the Company 's Web site at http://www.cendant.com . Cendant Media Contacts : Elliot Bloom ( 212 ) 413 - 1832 Cendant Investor Contacts : Sam Levenson ( 212 ) 413 - 1834 Henry A . Diamond ( 212 ) 413 - 1920 Apollo Management , LP Media / Investor Contact : Steven Anreder ( 212 ) 532 - 3232