Realogy Holdings Corp. (RLGY) said Tuesday that it has agreed to buy ZipRealty, Inc. (ZIPR) for $6.75 per share in an all-cash deal valued at about $166 million.
With this deal, Realogy is acquiring ZipRealty's residential brokerage operations with 23 offices across the United States and its leading-edge, integrated real estate technology platform, including its recently released private-label solution for brokers.
ZipRealty's Board of Directors has unanimously approved and will recommend the deal to the company's shareholders.
The deal will be effected through a tender offer by Realogy and is expected to close in the third quarter of 2014.
After the deal closes, Lanny Baker will continue in an executive leadership role within Realogy as chief executive officer of ZipRealty, reporting to Alex Perriello, president and chief executive officer of the Realogy Franchise Group.
Realogy plans to maintain ZipRealty's existing headquarters in Emeryville, California.
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