NEW YORK Cendant Corp. announced that RCI Europe, a wholly owned subsidiary, has entered into an agreement to acquire 100% of the share capital in Vacation Exchanges International, Ltd., trading as RCI Southern Africa Ltd., from Avis Southern Africa Limited and other minority shareholders for $48 million in cash. The transaction is expected to close in the first quarter of 2001.
Included in the acquisition is the remaining 50% ownership stake in RCI Pacific Ltd. not already owned by Cendant, 100% of the shareholding of Club Resorts International Operations Ltd., 100% of Club Resorts International IPO Ltd. and 100% of RCI Management Services Ltd. (12/18/00)