HFS agrees to buy ERA for $36.8 million

HFS Inc. announced recently that it has agreed to purchase Electronic Realty Associates for $36.8 million less working capital. Closing is expected in February.

ERA, based in Overland Park, Kan., for 25 years, is the fourth-largest residential real estate franchiser in the world, with approximately 2,500 franchised offices in the United States and 14 other countries.

In August 1995, HFS entered the residential real estate market by acquiring Century 21 Corp. HFS will operate ERA and Century 21 as separate brands.

According to Jon Cota, member broker of ERA Columbia in Bangor, “Local operations will remain the same.”