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PRINT THIS PAGE Apollo Management to acquire Cendant's Marketing Services Division for $1.83bn27/07/2005. Source: AltAssets. 
 US buy-out firm Apollo Management is to acquire Cendant Corporation's Marketing Services Division through its affiliate Affinity Acquisition Holdings for $1.83bn.
The purchase price includes approximately $1.7bn of cash, net of estimated closing adjustments, plus $125m in the form of newly issued preferred stock of the purchaser.
MSD is a direct marketer of membership clubs and insurance products. It generated $1.5bn in revenues in 2004.
Cendant will remain a marketing partner and a provider of travel services to MSD. Cendant primarily a provider of travel and residential real estate services.
US buy-out firm Apollo Management is in the process of raising a new fund, with a reported $8bn target. The firm appears to have increased its target from $6bn to $8bn in during the fundraising process. Apollo's new fund adds to a growing list of mega private equity investment vehicles that have already launched or are expected to launch this year.
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