SIRVA Worldwide to acquire Realogy's Global Relocation Businessfor $400m.

SIRVA Worldwide, a global relocation and moving service provider, agreed to acquire the Global Relocation Business of Realogy, the full-service residential real estate services company in the United States, for $400m. "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. This transaction will allow Realogy to retain and focus on growing elements of the business that are critical to our value proposition, including our Affinity and other lead generation partnership programs, which benefit from our established Broker Network. It will also allow us to use net proceeds to reduce debt, reinvest in the business, and drive greater long-term value for our shareholders," Ryan Schneider, Realogy CEO and President.