Cendant Corporation (NYSE: CD - news) today announced that it has acquired Holiday Cottages Group Limited (HCG), the leading UK brand in the holiday cottage rental sector. The transaction is expected to be immediately accretive to Cendant`s earnings per share. Terms were not disclosed.
HCG has relationships with over 9,000 independent property owners and 12,000 properties in the United Kingdom, France and Ireland. These owners contract annually with HCG on an exclusive basis to market their rental properties. HCG also provides boat rentals in the UK, the Netherlands and France.
“The acquisition of HCG represents further revenue diversification within our travel division. HCG`s product offering and business model are a great complement to our existing European travel operations,`` said Steve Holmes, Chairman of Cendant`s Travel Division. “Cottage rentals in the UK and Europe require call center, property recruitment and established brand development and marketing expertise-all Cendant core competencies.