Cendant to Acquire Equivest for $100 Million

Cendant

(CD)

agreed to acquire vacation timeshare seller

Equivest Finance

(EQUI)

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.