Online real estate company Homestore.com
on Oct. 27 said it agreed to buy Cendant Corp.'s Move.com Internet real-estate portal in a stock deal valued at $761 million, creating the nation's largest Web-based real estate service. Under the terms of the deal, Thousand Oaks, Calif.-based Homestore.com said it will acquire Move.com and some of Cendant's related assets in exchange for 26.3 million Homestore.com common shares. The two companies plan to merge several of Cendant's online real-estate assets including Move.com, its Rent Net apartment locator service, its Welcome Wagon direct-marketing company and other Move.com Web sites, all of which will be integrated into Homestore's Web network. The deal gives Homestore.com's Realtor.com Web site exclusive 40-year access to listings from Cendant's Century 21, Coldwell Banker and ERA U.S. real estate franchises and also opens the door for Cendant to use Homestore.com's technology and Web-based marketing products and applications. The companies hope federal regulators will approve the deal in the first quarter of 2001.
Copyright October 2000, Crain Communications Inc.