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Wyndham selling holiday rentals biz for $1.3 billion

Platinum Equity Partners has agreed to acquire the European vacation rentals business of Wyndham Worldwide for around $1.3 billion.

Why it's a big deal: Because this is about a broader break-up plan for Wyndham, which wants to split into a pair of publicly-traded companies: One focused on hotels and one focused on timeshares. The holiday rentals business didn't really fit into either.

Bottom line: "Platinum’s interest in Wyndham’s European vacation-rentals business illustrates the buyout industry's appetite for deals in the U.K. hospitality and leisure sector amid expectations that more British vacationers will stay in the U.K. rather than travel abroad because of economic uncertainty linked to Britain’s exit from the European Union." — WSJ

Private equity