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Realogy Announces $166 Million Buyouts

Realogy Holding Corp., a provider of residential real estate services in the U.S. just announced $166 million takeover ZipRealty Inc. for $6.75 per share in cash.

This acquisition push ZipRealty share up over 122% to $6.7 per share today.

Even tho ZipRealty hasn’t been a profitable business just yet but Realogy would like to use the innovative ZipRealty platform to its host of brokerage brands such as Coldwell Banker and Century21.

Realogy has $5.3 billion of revenue last year and the growth increased 12% from 2012 as housing market is picking up and drive up sales for real estate brokerages.

Realogy plans to finish this deal in the third quarter.