PARSIPPANY, N.J., Feb. 15, 2018 /PRNewswire/ — Wyndham Worldwide Corporation (WYN) today appear that it has entered into a absolute acceding for the auction of its European vacation rental business to Platinum Disinterestedness for about $1.3 billion.
Wyndham Worldwide Announces Acceding to Sell its European Vacation Rental Business to Platinum Equity, February 15, 2018.
In affiliation with the sale, the European vacation rental business has entered into a 20-year acceding beneath which it will pay a adeptness fee of 1% of net acquirement to Wyndham’s auberge business for the appropriate to use the by Wyndham Vacation Rentals® advocate brand. The European vacation rentals operations will additionally participate as a accretion accomplice in the award-winning Wyndham Rewards® adherence program.
Wyndham’s industry-leading European vacation rental business is the better administrator of anniversary rentals in Europe, with added than 110,000 units in over 600 destinations in added than 25 countries. The business operates added than two dozen bounded brands, including cottages.com, James Villa Holidays, Landal GreenParks, Novasol and Hoseasons. It generates about $750 actor in anniversary acquirement and about $130 actor of EBITDA (earnings afore interest, taxes, abrasion and amortization), including allocated costs.
Wyndham Worldwide originally appear its absorbed to analyze cardinal alternatives for its European rental brands in August 2017, in affiliation with the Company’s advertisement of the planned break of its auberge business from its vacation buying and timeshare barter businesses. The transaction is accepted to aing in the added division of 2018, accountable to accepted closing altitude including works board consultation.
“Along with our planned break and afresh appear accretion of La Quinta’s franchising and administration businesses, this is addition important footfall in the change of our Company,” said Stephen P. Holmes, Chairman and Chief Executive Officer of Wyndham Worldwide. “Our European vacation rental brands bear a abundant customer experience, accept aerial cast acceptance in their markets and accept delivered strong, constant results. Our ambition has consistently been to position them for connected abiding growth. We conducted a accurate cardinal analysis action that generated able absorption from assorted parties, and we were admiring to accretion the appropriate buyer. We are assured that as allotment of Platinum Equity’s portfolio, these businesses will accept a ablaze approaching and will accommodate cogent opportunities for their assembly and business partners.”
Platinum Disinterestedness is a arch all-around clandestine disinterestedness close with a awful specialized focus on business operations and added than 20 years’ acquaintance accepting and operating businesses that accept been allotment of ample accumulated entities.
“We accept formed carefully with Wyndham Worldwide to adeptness a denial band-aid that creates amount for all abandon and puts the European vacation rental business on a aisle for abiding success as a standalone business,” said Platinum Disinterestedness Accomplice Louis Samson. “We are aflame to accomplice with the administration aggregation to ensure a seamless alteration while advancing our affairs to drive added growth, both organically and through -to-be add-on acquisitions.”
Platinum Disinterestedness has been absolute alive in the European M&A bazaar and the firm’s accepted portfolio companies apply added than 16,000 bodies in the region. The proposed accretion of Wyndham’s European vacation rental business represents Platinum Equity’s added European advance back the fourth division 2017 back the close acquired Pattonair.
Wyndham Worldwide estimates that the tax obligations associated with the auction of the European Rental brands will be beneath than 15% of the proceeds. The Company expects to use the net gain from the auction for accepted accumulated purposes, which may accommodate debt claim and/or allotment of its afresh appear accretion of La Quinta Holdings’ auberge franchising and administration businesses. Wyndham Worldwide’s planned aftereffect of Wyndham Auberge Group charcoal on clue for an accepted administration in the added division of 2018.
Deutsche Bank and Goldman Sachs are confined as banking advisors, and Kirkland & Ellis International LLP and Dechert LLP are confined as acknowledged admiral to Wyndham Worldwide. Financing for the accretion will be led by Bank of America Merrill Lynch. Latham & Watkins is acting as acknowledged admonition to Platinum Equity.
About Platinum EquityFounded in 1995 by Tom Gores, Platinum Disinterestedness is a all-around advance close with $13 billion of assets beneath administration and a portfolio of added than 30 operating companies that serve barter about the world. The close is currently advance from Platinum Disinterestedness Capital Ally IV, a $6.5 billion all-around buyout fund. Platinum Disinterestedness specializes in mergers, acquisitions and operations – a trademarked action it calls M&A&O® – accepting and operating companies in a ample ambit of business markets, including manufacturing, distribution, busline and logistics, accessories rental, metals services, media and entertainment, technology, telecommunications, and added industries. Over the accomplished 22 years Platinum Disinterestedness has completed added than 200 acquisitions.
About Wyndham Worldwide Wyndham Worldwide (WYN) is one of the better all-around accommodation companies, accouterment travelers with admission to a accumulating of trusted accommodation brands in hotels, vacation buying and altered apartment including vacation exchange, anniversary parks and managed home rentals. With a aggregate account of about 130,000 places to break beyond added than 110 countries on six continents, Wyndham Worldwide and its 38,000 assembly acceptable bodies to acquaintance biking the way they want. This is added by Wyndham Rewards®, the Company’s re-imagined bedfellow adherence affairs beyond its businesses, which is authoritative it simpler for assembly to acquire added rewards and redeem their credibility faster. For added information, amuse appointment www.wyndhamworldwide.com.
Forward-Looking Statements This columnist absolution contains “forward-looking statements” aural the acceptation of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Barter Act of 1934, as amended. Advanced statements are those that back management’s expectations as to the approaching based on plans, estimates and projections at the time Wyndham Worldwide makes the statements and may be articular by words such as “will,” “expect,” believe,” “plan,” “anticipate,” “intend,” “goal,” “future,” “outlook,” guidance,” “target,” “estimate” and agnate words or expressions, including the abrogating adaptation of such words and expressions. Advanced statements absorb accepted and alien risks, uncertainties and added factors, which may account the absolute results, achievement or achievements of Wyndham Worldwide and its subsidiaries to be materially altered from any approaching results, achievement or achievements bidding or adumbrated by such advanced statements. The advanced statements independent in this columnist absolution accommodate statements accompanying to Wyndham Worldwide’s accepted angle and expectations with account to the denial of its European vacation rentals business, the aftereffect of its auberge business and the accretion of La Quinta’s franchising and administration businesses.
You are cautioned not to abode disproportionate assurance on these advanced statements, which allege alone as of the date of this columnist release. Factors that could account absolute after-effects to alter materially from those in the advanced statements include, after limitation, accepted bread-and-er conditions, the achievement of the banking and acclaim markets, the bread-and-er ambiance for the accommodation industry, the appulse of war, agitator action or political strife, operating risks associated with the hotel, vacation barter and rentals and vacation buying businesses, uncertainties that may adjournment or abnormally appulse the denial or account it to not action at all, including the timing, cancellation and agreement of any appropriate authoritative and authoritative approvals, unanticipated developments accompanying to the appulse of the denial on Wyndham Worldwide’s relationships with its customers, suppliers, advisers and others with whom Wyndham Worldwide has relationships, hasty developments consistent from accessible disruption to Wyndham Worldwide’s operations as a aftereffect of the divestiture, the abeyant appulse of the divestiture, the accretion of La Quinta’s franchising and administration businesses, the aftereffect and accompanying affairs on Wyndham Worldwide’s acclaim ratings, uncertainties accompanying to Wyndham Worldwide’s adeptness to auspiciously complete its accretion of La Quinta’s franchising and administration businesses, its aftereffect and accompanying affairs as advised or at all and to apprehend the associated advancing benefits, as able-bodied as those factors declared in Wyndham Worldwide’s Anniversary Report on Form 10-K, filed with the SEC on February 17, 2017, and in Wyndham Worldwide’s after filed Quarterly Reports on Form 10-Q and Accepted Reports on Form 8-K. Wyndham Worldwide undertakes no obligation to about amend or alter any advanced statements, consecutive contest or otherwise.
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