agreed to acquire vacation timeshare seller
for about $100 million.
Cendant will pay about $3 cash for each of Equivest's common shares and acquire all the preferred stock for about $13 million. It will also assume about $60 million of debt.
The transaction is expected to add 1 cent a share to Cendant's adjusted 2002 earnings. Cendant now expects to earn $1.26 a share next year.
Cendant is in agreement with Equivest's three largest shareholders to acquire their stakes. The transaction is expected to close in the first quarter of 2002.