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Wyndham discloses termination fees for European biz sale

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Wyndham discloses termination fees for European biz sale

Wyndham Worldwide Corp. disclosed the fee to be incurred in case the deal for the sale of its European vacation rental business is terminated.

On Feb. 15, Wyndham Destination Network LLC and certain other Wyndham subsidiaries agreed to sell their Wyndham Vacation Rentals Europe business to Compass IV Ltd., an affiliate of Platinum Equity LLC, for roughly $1.3 billion. Closing of the transaction is expected to occur during the second quarter, subject to certain approvals and customary closing conditions.

Either Compass or Wyndham may terminate the agreement if requisite approvals have not been obtained on or before July 2. Compass may also cancel the deal if Wyndham fails to secure sufficient credit support for the business prior to closing, and Wyndham would have to pay Compass a $55 million break fee.

If Wyndham decides to terminate the deal before closing, the company would be required to pay Compass the same amount.