Cendant Sells Parking Unit for $1.2 Billion
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Reuters
Travel and real estate firm Cendant Corp. said it sold its British National Car Parks unit for about $1.2 billion to Parking International and will use the money to finish funding the settlement of a shareholder lawsuit.
The deal also gives Cendant, which owns Avis car rentals and franchises Days Inn and Ramada hotels, cash to fuel European expansion.
Cendant shares fell 20 cents to $18.28 on the NYSE.
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