Evercore Partners, the US boutique advisory firm, has won a role advising on the restructuring of Cendant alongside JP Morgan, which has led the last two initial public offerings from the $21bn (€17.6bn) US conglomerate.

Cendant plans to split into four independent, publicly-traded companies - one each for real estate, travel distribution, hospitality and vehicle rentals. There will be three spin-offs next summer after which Cendant shareholders will own all of the equity in all four companies.