March 19, 2002
Homestore Adds $130 Million Cash To Coffers
Inman News Features
Homestore announced today it has entered into a definitive agreement to sell its ConsumerInfo.com division to Experian for $130 million in cash.
The transaction is subject to certain closing conditions.
ConsumerInfo.com provides online consumer credit reporting and monitoring services.
"The sale of ConsumerInfo.com is consistent with our stated objective of focusing on our core real estate businesses," said Homestore CEO Mike Long. "This transaction divests Homestore of a business that is not central to our real estate focus and allows us to redeploy substantial resources to our primary business objective--making real estate professionals more productive and profitable."
Experian provides information technology and customer relationship management services and has annual sales of approximately $1.5 billion.
Homestore operates Realtor.com, an official Web site of the National Association of Realtors, among other homes-related Web sites.
Copyright: Inman News Service