Cendant to Spin Off Vehicle Rental Units as a Separate Company
PARSIPPANY, NJ — Cendant, the $18 billion conglomerate that was built through the acquisitions of businesses like Century 21, Avis, Days Inn, and Orbitz, is planning to break into four different companies, including a separate vehicle rental company, according to the New York Times.
Under the plan approved by Cendant’s board, the company will be divided into four parts — real estate, travel distribution, hospitality, and vehicle rental. Each unit will be spun off into a separate publicly traded company. Current Cendant shareholders will receive shares in each and will continue to receive dividends. The change should not impact customers and employees, according to the New York Times.