Wyndham Worldwide Corp. signed a deal with Platinum Equity LLC to sell its European vacation rental business for approximately $1.3 billion.

The business operates more than two dozen local brands that include cottages.com, James Villa Holidays, Landal GreenParks, Novasol and Hoseasons, and generates roughly $750 million in annual revenue.

Closing of the deal is expected to occur in the second quarter, subject to customary closing conditions.

More details to follow.