HomeServices Buys Prudential Realty Stake
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HomeServices.com Inc., a unit of Warren Buffett’s MidAmerican Energy Holdings Co., bought a majority stake in Prudential California Realty to enter the Southern California market.
HomeServices.com last month completed the purchase of the unspecified stake in Prudential California, the fifth-largest broker in the U.S. by sales, said Cindy Sattler, vice president with the Edina, Minn., company. She wouldn’t disclose the terms of the purchase.
The closely held companies sold a combined $30.4 billion of real estate last year, second to Cendant Corp.’s NRT Inc., which owns Coldwell Banker, ERA and Century 21 brokerages, and sold $117billion of property. Homeservices.com now owns 11 brokerages. San Diego-based Prudential California has 3,100 sales associates and 71 offices.
Steve Games, Nyda Jones-Church and John Aaroe, the former owners of Prudential California, will retain a minority stake and continue to manage the company, HomeServices.com said.
HomeServices.com, formerly known as MidAmerican Realty Services Co., has offices in 14 states, including California.
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