SIRVA Inc. Comments on Delaware Court Ruling to Dismiss Realogy's Litigation Attempt

Rhea-AI Summary

SIRVA, Inc. announced that a Delaware Court has dismissed litigation from Realogy Holdings Corp. (NYSE: RLGY) related to the failed acquisition of Realogy's Cartus Relocation Services. The court's decision indicates Realogy was responsible for the transaction's failure and did not consider SIRVA's financial position in its ruling. SIRVA asserts its financial strength and commitment to providing top-tier relocation services amidst market challenges, stating it will continue to defend its interests against any further litigation from Realogy.

Positive

• Court ruling favors SIRVA, strengthens its legal position against Realogy.
• SIRVA maintains a strong financial position, ensuring service continuity.

Negative

• None.

OAKBROOK TERRACE, Ill., July 18, 2020 /PRNewswire/ -- SIRVA, Inc., a leading global relocation and moving company, today issued the following statement in response to the Delaware Court ruling to dismiss litigation between Realogy Holdings Corp. (NYSE: RLGY) and SIRVA, Inc. regarding the previously announced purchase agreement for the acquisition of Realogy's Cartus Relocation Services business.

We are pleased the Court dismissed Realogy's attempt to force closing of the SIRVA - Cartus transaction.  As the Court concluded, Realogy -- not SIRVA -- caused the transaction to fail and nothing about SIRVA's business or financial position factored into the Court's determination that the transaction would not proceed. Moving forward, SIRVA remains financially strong and well positioned to continue serving our clients with best in class service and support through our leading array of capabilities, technologies and services as they navigate the challenging global market environment, and we will continue to vigorously defend ourselves and assert our rights in any further litigation with Realogy.

About SIRVA Worldwide Relocation & Moving

SIRVA Worldwide Relocation and Moving is a global leader in moving and relocation services, offering solutions for mobility programs 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 localized 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.

Media Contacts
Mike DeGraff/Paige Barrett
Sard Verbinnen & Co
SIRVA-SVC@Sardverb.com
312-895-4700

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SOURCE SIRVA, Inc.

FAQ

What was the outcome of the litigation between Realogy and SIRVA?

The Delaware Court dismissed Realogy's litigation attempt against SIRVA regarding the Cartus acquisition.

How did the court ruling affect Realogy Holdings Corp (RLGY)?

The court concluded that Realogy caused the failure of the transaction and did not consider SIRVA's financials.

What are SIRVA's next steps following the court ruling?

SIRVA plans to continue defending itself vigorously in any further litigation with Realogy.