The action involves the spin-off of two divisions as publicly traded companies. The real estate group has been renamed Realogy and will continue to operate such well-known brands as Century 21, Coldwell Banker and ERA, along with Sotheby's International Realty.

And as previously reported, the company's hotel group is being spun off and renamed Wyndham Worldwide. Its brands, besides Wyndham, include Ramada, Howard Johnson, Travelodge, Days Inn and Super 8. As part of the spin-off, according to information released by the company, Cendant shareholders will get one share of Realogy common stock for every four shares of Cendant, and one share of Wyndham for every five Cendant. Cash will be paid out in lieu of fractional shares.

The third part of the break-up involves the sale of the company's Travelport group to an affiliate of Blackstone for $4.3 billion, with the proceeds going for the retirement of debt related to both Realogy and Wyndham. Travelport is a provider of travel distribution services.

And what will be left of the original Cendant will be its car rental business. Pending approval by shareholders, the Cendant name will be retired and the company renamed Avis Budget Group after its two car rental brands. Ron Nelson, president/CFO of Cendant is slated to become chairman/CEO of Avis Budget. First item on the company's agenda, according to Nelson, will be to open as many as 400 new off-airport locations in an effort to ramp up the competition with the Enterprise Group. That would boost the company's roster to approximately 1,000 off-airport sites, according to Nelson.