Editing Cendant (section)

=== Breakup ===
On October 23, 2005, Cendant's strategy of simplification culminated in the announcement that it would split into four separate companies, focused respectively on hotels, real estate, travel services, and rental cars.<ref>{{cite news|title=Travel, real-estate giant Cendant to split into four companies|agency=Associated Press|author=Ellen Simon|date=October 24, 2005|url=https://infoweb.newsbank.com/resources/openurl?ctx_ver=z39.88-2004&rft_dat=document_id%3Anews%252F10DC2961C43C6190&rft_id=info%3Asid%2Finfoweb.newsbank.com&rft_val_format=info%3Aofi%2Ffmt%3Akev%3Amtx%3Actx&svc_dat=AWNB&req_dat=1028A39C75C2B899|via=NewsBank}}</ref> Silverman said the breakup would improve shareholder value by allowing the market to better recognize the value of Cendant's component businesses.<ref>{{cite news|title=Investors skeptical about Cendant spinoffs|work=The Star-Ledger|location=Newark, NJ|author=Joseph R. Perone|date=October 25, 2005|url=https://infoweb.newsbank.com/resources/openurl?ctx_ver=z39.88-2004&rft_dat=document_id%3Anews%252F10D79D3CA2B15CE8&rft_id=info%3Asid%2Finfoweb.newsbank.com&rft_val_format=info%3Aofi%2Ffmt%3Akev%3Amtx%3Actx&svc_dat=AWNB&req_dat=1028A39C75C2B899|via=NewsBank}}</ref>

Cendant originally planned to spin off its travel services division to shareholders as a company named [[Travelport]], but on June 30, 2006, Cendant announced it would sell Travelport to Blackstone for $4.3 billion.<ref>{{cite news|title=Blackstone plans to acquire Cendant travel services unit|work=The New York Times|author=Claudia H. Deutsch|date=July 1, 2006|url=https://www.nytimes.com/2006/07/01/business/blackstone-plans-to-acquire-cendant-travel-services-unit.html|accessdate=2020-11-15}}</ref>

On July 31, 2006, Cendant's real estate and hotel divisions were spun off and became separate companies under the names [[Realogy]] and [[Wyndham Worldwide]], respectively.<ref>{{cite press release|title=Cendant Corporation completes spin-offs of Realogy Corporation and Wyndham Worldwide Corporation|publisher=Cendant Corporation|date=July 31, 2006|url=https://www.sec.gov/Archives/edgar/data/723612/000119312506162523/dex991.htm|via=EDGAR}}</ref><ref>{{cite news|title=Cendant's split into 4 firms effective today|work=The Star-Ledger|location=Newark, NJ|author=Joseph R. Perone|date=August 1, 2006|url=https://infoweb.newsbank.com/resources/openurl?ctx_ver=z39.88-2004&rft_dat=document_id%3Anews%252F1133E2CD0C48F178&rft_id=info%3Asid%2Finfoweb.newsbank.com&rft_val_format=info%3Aofi%2Ffmt%3Akev%3Amtx%3Actx&svc_dat=AWNB&req_dat=1028A39C75C2B899|via=NewsBank}}</ref>

The sale of Travelport to Blackstone was completed on August 23, 2006.<ref>{{cite press release|title=Blackstone Group completes acquisition of Cendant's Travelport subsidiary|publisher=The Blackstone Group|date=August 23, 2006|url=https://www.blackstone.com/press-releases/article/blackstone-group-completes-acquisition-of-cendant-s-travelport-subsidiary/|accessdate=2020-11-15}}</ref> This left Cendant with only its car rental business, comprising Avis, Budget Rent a Car, and [[Budget Truck Rental]]. The company retired the Cendant name and renamed itself to [[Avis Budget Group]] on September 1, 2006.<ref>{{cite report|title=Form 8-K: Current Report|publisher=Avis Budget Group|date=September 5, 2006|url=https://www.sec.gov/Archives/edgar/data/723612/000072361206000058/cendantcorporation8k.htm|via=EDGAR}}</ref><ref>{{cite news|title=Cendant changes wrapped up at tense meeting|work=The Star-Ledger|location=Newark, NJ|author=Kaja Whitehouse|agency=Dow Jones|date=August 30, 2006|url=https://infoweb.newsbank.com/resources/openurl?ctx_ver=z39.88-2004&rft_dat=document_id%3Anews%252F113D720F405069F0&rft_id=info%3Asid%2Finfoweb.newsbank.com&rft_val_format=info%3Aofi%2Ffmt%3Akev%3Amtx%3Actx&svc_dat=AWNB&req_dat=1028A39C75C2B899|via=NewsBank}}</ref>