SIRVA, Inc. Comments on Litigation Filed by Realogy
27 April 2020 (OAKBROOK TERRACE, IL) — SIRVA, Inc., a leading global relocation and moving company, today issued the following statement in response to a complaint filed by Realogy Holdings Corp. (NYSE: RLGY) under the previously announced purchase agreement for the acquisition of Realogy’s Cartus Relocation Services business.
Over recent months, SIRVA has been working diligently to successfully complete the acquisition of Cartus Relocation Services. Over the weekend, we provided Realogy with information as to why we believe that certain closing conditions that they are obligated to meet under the purchase agreement have not been and cannot be satisfied. Today, we received a complaint filed by Realogy under the purchase agreement. Unfortunately, this complaint addresses none of the issues raised by us. Instead, we believe the complaint constitutes a breach by Realogy of the purchase agreement.
SIRVA strongly disagrees with the allegations in the complaint and will vigorously defend itself against all allegations made in the complaint and will continue to enforce all of its rights under the purchase agreement, including with respect to Realogy’s breaches of the purchase agreement.
SIRVA remains well-positioned to continue supporting our clients through our leading array of capabilities, technologies and services as our clients navigate this challenging environment.
About SIRVA Worldwide Relocation & Moving
SIRVA Worldwide Relocation and Moving is a global leader in moving and relocation services, offering solutions for mobility programmes to companies of every size. With 75 owned locations and more than 1,000 franchised and agent locations in 177 countries, we offer unmatched global breadth supported by localised attention and innovative technology that strikes the right balance of self-service and human support. From relocation and household goods to commercial moving and storage, our portfolio of Brands (SIRVA, Team Relocations, Allied, northAmerican, Allied Pickfords & SMARTBOX) provides the only integrated moving/relocation solution in the industry. By leveraging our global network, we deliver a superior experience that only a “one-stop shop” can provide.
Mike DeGraff/Paige Barrett
Sard Verbinnen & Co