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Cendant Completes Spin-off of PHH, Wright Express Next

February 2, 2005

In an effort to focus solely on its travel and real estate businesses, Cendant Corporation completed this week the spinoff of PHH Arval, an outsource provider of mortgage and vehicle fleet management services. Cendant said it plans to move ahead with a February initial public offering for its Wright Express unit, according to Reuters. Wright Express provides payment processing and information management services for commercial and government fleets.Cendant’s holdings include Coldwell Banker, Century 21, Days Inn hotel chain and Avis and Budget car-rental chains. The company has gone on a buying spree, according to the New York Post, snapping up travel concerns, including Orbitz Inc. and eBookers PLC.Shares of PHH common stock were distributed to Cendant shareholders in the form of a tax-free stock dividend. On its first day of trading on the New York Stock Exchange, shares of PHH Corp. closed at $21.90, down 10 cents, with 7.9 million shares changing hands, according to Reuters.
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