Real estate giant Cendant Corp. is close to finishing a deal to buy online travel site Orbitz for more than $1 billion in cash, according to news sources.
Both companies’ board of directors are expected to meet Tuesday evening to consider approval of the acquisition, which could be announced Wednesday, according to a Reuters report.
Orbitz was founded by the top five air carriers: American, United, Delta, Northwest and Continental, and each still holds a stake in the online travel company. It’s largest competitor, Expedia.com, is owned by InterActiveCorp, which also owns LendingTree, RealEstate.com and ServiceMagic, among other business channels.
Cendant owns the Century 21, Coldwell Banker, Coldwell Banker Commercial and ERA real estate franchise brokerages. Cendant Corp. is a parent of NRT Inc., which has a number of corporate-owned real estate brands, including: The Sunshine Group, The Corcoran Group, Coldwell Banker, Coldwell Banker Commercial, ERA and Sotheby’s.
Travel, hospitality and vehicle and marketing/financial services are also among Cendant’s business divisions. In addition, the company owns Galileo International, a computerized reservation system used by travel agents.
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