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Cendant to Sell Software Business to Vivendi

November 20, 1998| Bloomberg News

Cendant Corp., a direct marketer and franchiser stung by accounting fraud this year, plans to sell its software business to French utility Vivendi for about $1 billion in cash, said a person close to the transaction. The unit is one of the world's largest makers of computer games and educational software. It had revenue last year of $433.7 million. The sale could result in an after-tax gain of about $450 million for Cendant, the source said. Parsippany, N.J.-based Cendant, which franchises travel businesses such as Ramada hotels and real estate brokerages such as Century 21, has been selling businesses to help pay down debt and buy back stock. Its shares have lost half their value the last year. Cendant stock rose $1.06 to close at $14.44 on the NYSE.

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