Realogy Pursues Litigation Against Madison Dearborn Partners And SIRVA Worldwide Over Canceled Cartus Deal
Posted on 04/27/2020
Madison, New Jersey-based Realogy Holdings Corporation is a full-service residential real estate services company. Realogy Holdings filed a lawsuit in the Court of Chancery of the State of Delaware against certain affiliates of Chicago-based Madison Dearborn Partners, LLC and SIRVA Worldwide, Inc. (SIRVA), a portfolio company of Madison Dearborn, to enforce SIRVA’s obligations under the previously announced purchase agreement for the sale of Realogy’s Cartus Relocation Services business for US$ 400 million. Like Cartus, SIRVA is a global moving and relocation services provider.
Realogy claims it met all conditions to closing of the transaction. SIRVA got cold feet and notified Realogy on April 25, 2020 that it believed that not all closing conditions have been or will be satisfied by the April 30, 2020 date under the purchase agreement – Realogy disagreed.