Cendant Corp. said Tuesday that it has completed the sale of its Hebdo Mag International subsidiary, which publishes advertising circulars, to a company organized by Hebdo's management.

The transaction is valued at about $510 million, including $375 million in cash and 7.1 million shares of Cendant common stock.

The sale is part of plan by New York-based Cendant to sell non-core assets in order to repay debt and repurchase stock, according to the company.

The company had previously announced plans to sell its consumer software business, Cendant Software, to a subsidiary of Vivendi SA for up to $1 billion.

Cendant said the sale of the software operation will generate an after- tax book gain of about $250 million, or about $0.28 per share, in the fourth quarter.

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