Homestore Buys

Online real estate company said Friday that it has agreed to buy real estate portal from Cendant Corp.

The all-stock deal, valued at $761 million, is expected to create the largest Internet-based real estate service.

Under terms of the deal, Cendant’s assets — such as, apartment locator service Rent Net, direct marketing company Welcome Wagon and other Web sites — will be integrated into Homestore’s Web properties.

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