SIRVA Worldwide Inc.'s proposed $400 million acquisition of a Realogy unit failed due to Realogy’s lawsuit against SIRVA’s private equity owner financing the deal, a Delaware court found.
Vice Chancellor Morgan T. Zurn of Delaware’s Chancery Court Friday dismissed real estate brokerage Realogy Holdings Corp.'s bid to compel SIRVA to close on the deal. “Realogy, not SIRVA, caused the conditions to fail,” Zurn said.
The case is one of a wave of suits asking courts to keep merger deals on track despite coronavirus risks.
Last year, SIRVA agreed to buy Realogy’s wholly owned subsidiary, Cartus Corp., a moving service for...