Homestore.com Inc. Agrees To Acquire move.com From Cendant Corp.
Thousand Oaks, CA-Homestore.com Inc. and Cendant Corp. announced they have signed a definitive agreement for Homestore.com to acquire Cendant's Internet real estate portal, move.com, extending the largest and most comprehensive wired marketplace for home and real estate-related products and services on the Internet.
The transaction combines the Internet's two leading Web sites in the home and real estate category under the Homestore.com brand. Acquired assets to be integrated into Homestore.com's industry-leading family of Web sites include Cendant's move.com, apartment locator Rent Net, direct marketing company Welcome Wagon and other move.com Web sites. The transaction also ensures that Homestore.com's Web site REALTOR.com will have exclusive 40-year access to the aggregated listings for Cendant Corp.'s Century 21, Coldwell Banker and ERA national real estate franchises and includes an agreement by Cendant to purchase Homestore.com technology and Web-based marketing products and vertical ASP solutions.
In addition, Cendant will invest in Homestore.com's development of the Realtors Electronic Transaction Platform (eRealtor.com, the official real estate transaction platform of the National Association of Realtors), helping to unite industry participation behind Homestore.com's technology solution for online real estate transactions. The result is a real estate marketplace offering consumers and industry professionals a variety of technology choices as well as easy and direct access to the timely information and advanced technological tools they need to conduct business on the Web.
"We are committed to building the most vibrant and comprehensive online home and real estate marketplace possible at Homestore.com for the benefit of all of our consumers and professional customers," said Stuart Wolff, Homestore.com's chairman and CEO. "With this transaction, we're increasing choices for consumers nationwide while continuing to put the real estate professional center stage."-PRNewswire